IRANIAN President Masoud Peshmerga has asserted that the US cannot impose sanctions or exert pressure if OPEC members unite. Recently, US President Donald Trump warned of further sanctions on Iran over its nuclear program, aiming to cut its oil exports to zero. Under prolonged US sanctions, Tehran insists it is prepared to resist, though additional restrictions could push its economy toward default. Iran seeks to counter US influence but has yet to succeed. The key question remains: does OPEC have the strength to challenge the US and its allies?
OPEC, founded in 1960, includes major oil producers like Saudi Arabia, Iraq and Venezuela. Its main goal is to stabilize and control oil prices. However, most member states are under US influence, limiting their ability to act independently. The US previously invaded Iraq and maintains significant control over its oil resources, while Saudi Arabia, a major OPEC player, remains closely aligned with Washington. Internal divisions among OPEC members further weaken its collective power. Another challenge is OPEC’s reliance on the US dollar for oil transactions, reinforcing American economic dominance. Despite the higher value of some currencies, oil trade remains tied to the dollar, cementing US control. Iran and Venezuela have tried to break free from this dependence but face internal opposition and external pressures.
During a meeting with OPEC Secretary General Hatem al-Ghaith, Iran’s President reiterated the need for unity among OPEC members to counter US pressure. Iran’s Oil Minister also emphasized the importance of depoliticizing the global energy market, warning that unilateral sanctions disrupt stability and harm consumers. The dominance of a few powers over oil threatens global economic balance and Iran argues that selling oil in alternative currencies could weaken US influence. It also calls for a more humanitarian approach to sanctions, allowing struggling economies to recover.
The idea of using oil as a weapon is not new. In 1973, Arab nations, led by Saudi Arabia, imposed an oil embargo on the US for supporting Israel in the war against Egypt and Syria. This crisis caused fuel shortage, economic decline and unemployment in the West. However, over time, OPEC came under greater US influence. Today, Iran aims to revive oil as a geopolitical tool, but the landscape has changed. Alternative energy sources like green hydrogen are gaining traction and oil demand could decline. Even if some OPEC members unite against the US, the overall impact would be limited due to American dominance in the Middle East.
The US and its allies maintain ties with key oil producers to prevent the weaponization of oil. OPEC’s response to Iran’s stance remains uncertain, but the likelihood of another oil-based confrontation appears low. Iran faces growing risks and while it seeks to defend itself, its future remains precarious amid mounting pressures.
The writer occasionally contributes to the national press.
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