Iran’s OPEC governor said on Saturday
that Saudi Arabia and Russia have taken the oil market “hostage” as U.S.
President Donald Trump seeks to impose fresh sanctions on Iranian oil
sales.
that Saudi Arabia and Russia have taken the oil market “hostage” as U.S.
President Donald Trump seeks to impose fresh sanctions on Iranian oil
sales.
Washington wants to cut Iran’s oil
exports to zero by November, and is encouraging producers such as Saudi
Arabia, other OPEC members and Russia to pump more to meet the
shortfall.
exports to zero by November, and is encouraging producers such as Saudi
Arabia, other OPEC members and Russia to pump more to meet the
shortfall.
“Russia and Saudi Arabia claim they seek
to balance the global oil market, but they are trying to take over a
part of Iran’s share,” Hossein Kazempour Ardebili was quoted as saying
by SHANA, the oil ministry’s news agency.
to balance the global oil market, but they are trying to take over a
part of Iran’s share,” Hossein Kazempour Ardebili was quoted as saying
by SHANA, the oil ministry’s news agency.
“Trump’s efforts to cut Iran’s access to
the global crude market has prompted Russia and Saudi Arabia to take the
market hostage,” he said.
the global crude market has prompted Russia and Saudi Arabia to take the
market hostage,” he said.
Kazempour Ardebili told Reuters on Friday
that the United States will find it difficult to cut Iran’s oil exports
completely as the oil market is already tight and rival producers
cannot make up the shortfall.
that the United States will find it difficult to cut Iran’s oil exports
completely as the oil market is already tight and rival producers
cannot make up the shortfall.
On Saturday he accused Moscow and Riyadh
of welcoming sanctions against Iran for their own gain, and warned that
such actions would damage the credibility of OPEC.
of welcoming sanctions against Iran for their own gain, and warned that
such actions would damage the credibility of OPEC.
“Saudi Arabia and UAE are turning the OPEC into a U.S. tool,” he said.
Under pressure from Trump to lower oil
prices, the Organization of the Petroleum Exporting Countries and allies
agreed in June to boost production, having participated in a
supply-cutting deal in place since 2017.
prices, the Organization of the Petroleum Exporting Countries and allies
agreed in June to boost production, having participated in a
supply-cutting deal in place since 2017.
While OPEC production has increased since then, Saudi Arabia has added less crude than it initially indicated.
