The head of OPEC says the oil cartel must stick together for the good of the global economy as Iran faces renewed U.S. 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.

President Donald Trump, facing a midterm election in the United States, has called for more production. Barkindo spoke yesterday at the Gulf Intelligence Energy Markets Forum in Fujairah in the United Arab Emirates.