Iran: Saudi Ara­bia, Rus­sia have taken oil mar­ket ‘hostage’

Iran Daily - - Domestic Economy -

Iran’s OPEC gover­nor said on Satur­day that Saudi Ara­bia and Rus­sia have taken the oil mar­ket “hostage” as US 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, Reuters re­ported.

“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.

“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.

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.

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.

“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 sup­ply­cut­ting deal in place since 2017.

While OPEC pro­duc­tion has in­creased since then, Saudi Ara­bia has added less crude than it ini­tially in­di­cated.

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