OPEC must stay out of Iran oil dispute, says Venezuelan minister

Venezuelan Oil Minister, Rafael Ramirez, has said the Organization of Petroleum Exporting Countries (OPEC) should not get involved in the dispute between Iran and the West over the Straits of […]

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By Tom Gibson

Venezuelan Oil Minister, Rafael Ramirez, has said the Organization of Petroleum Exporting Countries (OPEC) should not get involved in the dispute between Iran and the West over the Straits of Hormuz, according to reports.

Iran threatened to block the Straits, a major artery for the world’s oil which carries nearly 20% of global consumption every day. Mr Ramirez told reporters in Caracas: “Any Iranian action in defence of their sovereignty is Iran’s issue. OPEC can’t get involved in this issue.”

Iran threatened the blockade after the US imposed severe economic sanctions against the Middle Eastern country over its nuclear program