Iran has no plans to leave OPEC: Iranian oil minister

Iranian Oil Minister Bijan Zanganeh arrives for an OPEC meeting in Vienna, Austria, June 22, 2018. (File/Reuters)
Updated 08 June 2019

Iran has no plans to leave OPEC: Iranian oil minister

  • The Trump administration is seeking to intensify economic and military pressure against Iran
  • On Friday, US President Donald Trump’s administration added Iran’s largest petrochemical holding group to its sanctions list

GENEVA: Iran has no plans to leave the Organization of the Petroleum Exporting Countries, Oil Minister Bijan Zanganeh said in an interview published by the Iranian parliament news site ICANA on Saturday.
“Iran has no plans to leave OPEC...and regrets that some members of OPEC have turned this organization into a political forum for confronting two founding members of OPEC, meaning Iran and Venezuela,” Zanganeh told ICANA.
“And two regional countries are showing enmity toward us in this organization. We are not their enemy but they are showing enmity toward us...and (they) use oil as a weapon against us in the global market and world.”
Zanganeh did not name the two countries.
Tensions between Iran and Saudi Arabia and the United Arab Emirates have spiked this year after the two said they would increase oil production to make up for Iranian crude cut from the market by US sanctions.
On Friday, US President Donald Trump’s administration added Iran’s largest petrochemical holding group to its sanctions list, accusing it of indirectly supporting Tehran’s Revolutionary Guards. Washington said the move aimed to dry up revenues to the elite Iranian military force but analysts called it largely symbolic.
The Trump administration is seeking to intensify economic and military pressure against Iran because of its nuclear and missile programs as well as its support for proxy groups in Syria, Iraq, Lebanon and Yemen.


Saudi finance minister reassures public on taxes

Updated 10 December 2019

Saudi finance minister reassures public on taxes

  • Mohammed Al-Jadaan: There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully
  • The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year

RIYADH: Saudi finance minister Mohammed Al-Jadaan pledged that there would be no more taxes or fees introduced in the Kingdom until the social and economic impact of such a move had been fully reviewed.

He was speaking at the 2020 Budget Meeting Sessions, organized by the Ministry of Finance and held in Riyadh on Tuesday, where a number of ministers and senior officials gathered following the publication of the budget on Monday evening.

“There will be no more fees and taxes until after the financial, economic and social impacts have been considered carefully, especially in terms of economic competitiveness,” said Al-Jadaan.

The government expects to generate about SR203 billion in taxes this year – more than 20.5 percent higher than the previous year and more than 10 percent higher than the expected budget for this year. 

Most of that increase has come from taxes on goods and services which rose substantially as a result of the improvement in economic activity over the year.

The reassurances from the minister come as the Saudi budget deficit is estimated to widen to about SR187 billion, next year, or about 6.4 percent of GDP.