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LONDON (Reuters) – The Iranian governor of OPEC said Saturday that Saudi Arabia and Russia have taken the oil market hostage, with US President Donald Trump seeking to impose new sanctions on Iranian oil sales.
The national flags of Russia and Saudi Arabia were seen at a meeting of the producing countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC in Vienna, Austria, May 25, 2017. REUTERS / Leonhard Foeger
Washington wants to reduce Iran's oil exports to zero in November and is encouraging producers such as Saudi Arabia, other OPEC members and Russia to increase production to fill the gap.
"Russia and Saudi Arabia claim they are trying to balance the global oil market, but they are trying to take over some of Iran's share," said Hossein Kazempour Ardebili, quoted by SHANA, as saying. Ministry news agency.
"Trump's efforts to reduce Iran's access to the world crude market have prompted Russia and Saudi Arabia to take the market hostage," he said.
Kazempour Ardebili told Reuters on Friday that the United States will have a hard time completely reducing Iran's oil exports while the oil market is already tight and rival producers can not fill the gap.
On Saturday, he accused Moscow and Riyadh of accepting sanctions against Iran for their own benefit, and warned that such actions would undermine OPEC's credibility.
"Saudi Arabia and the United Arab Emirates are turning OPEC into an American tool," he said.
Under pressure from Trump to lower oil prices, the Organization of Petroleum Exporting Countries and its allies agreed in June to boost production, having participated in a supply-reduction agreement in place since then. 2017.
While OPEC output has increased since then, Saudi Arabia has added less crude than it originally indicated.
Report by Bozorgmehr Sharafedin; edited by Jason Neely, William Maclean
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