Live Markets »News & Advice»Market News»Market News Details
Market News Details
Back

Iran says Saudi Arabia and Russia have taken oil market 'hostage': Report

Reuters/London 15 Sep 18 | 08:58 PM

A gas flare on an oil production platform in the Soroush oil fields is seen alongside an Iranian flag in the Persian Gulf, Iran

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.

Related Stories

    No Related Stories Found
Widgets Magazine


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.


“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.


“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.

ALSO READ: US sanctions impact: India's monthly Iran oil imports to drop by about half


“Saudi Arabia and UAE are turning the OPEC into a US 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.


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


Widgets Magazine

Sensex

Company Price Gain (%)
IndusInd Bank1,563.001.64
Adani Ports355.451.62
M & M788.501.04
O N G C155.250.55
Coal India264.900.49

Poll

Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine