OPEC chief: cartel must stay together as US sanctions Iran
The head of the Organization of the Petroleum Exporting Countries(OPEC) says the oil cartel must stick together for the good of the global economy as Iran faces renewed US sanctions.
OPEC Secretary-General Mohammed Sanusi Barkindo says that "Iran is not only a founding member of OPEC, it's a very important member of this organization."
He added: "We have no choice but continue to work with all parties."
He didn't however address how the global oil industry immediately can replace Iranian crude supplies in an already-tight market. Benchmark Brent crude already is nearing $80 a barrel and some believe it may go even higher.
US President Donald Trump, facing a midterm election in the United States, has called for more production.
