Iran calls for unity against potential US oil sanctions

Iran’s President Masoud Pezeshkian urged Opec members to unite against possible US sanctions on the major oil producer, after US President Donald Trump said he would seek to drive Tehran’s oil exports to zero. Iranian crude oil exports currently stand at around 1.5 million barrels per day, with the majority going to China. The loss of such a volume, equal to about 1.4pc of total world supply, would be significant for markets. Pezeshkian made the comments at a meeting with Opec Secretary General Haitham Al Ghais. Opec’s X account on Wednesday showed Al Ghais on a visit to Iran, which assumes the rotating Opec presidency this year. “I believe that if Opec members are united and work together, the US would not be able to sanction and pressure one of them,” Pezeshkian said at the meeting with Al Ghais, according to Iran’s state media.