Iran's OPEC governor died Saturday at age 67 after falling into a coma following a brain hemorrhage, the official IRNA news agency reported.
Hossein Kazempour Ardebili had represented Iran in the global oil cartel since 2013, including during high-level talks in recent years aimed at cutting production to prop up flagging prices. He previously served as Iran's OPEC governor from 1994 to 2008.
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The Organization of the Petroleum Exporting Countries is an intergovernmental organization of 13 nations: Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia (the De facto leader), the United Arab Emirates, and Venezuela.
OPEC was founded in1960, First headquartered in Baghdad, its current HQ have been in Vienna, Austria, since 1965. As of September 2018, the 13 member countries accounted for an estimated 44% of global oil production and 81.5% of the world's verified oil reserves, giving OPEC a major influence on global oil prices.
Iran has the world's third-largest proven oil reserves but has struggled to export since the United States withdrew from the 2015 nuclear deal and imposed heavy sanctions. The sanctions have exacerbated an economic crisis in recent years.
