Iran accuses Russia, Saudi of holding oil market 'hostage'

Economy 9/15/2018, 11:09 AM
Iran accuses Russia, Saudi of holding oil market 'hostage'

Iran's Governor to the Organization of the Petroleum Exporting Countries (OPEC) Hossein Kazempour Ardebili blamed Russia and Saudi Arabia on Saturday for using Washington's anti-Iran policies "to pursue hostage-taking" policies of their own in the global oil market.

In an interview with Iranian Shana, the OPEC official stated: "On the one hand, Russia and Saudi Arabia, under the pretext of balancing the supply and demand of the world, are seeking a part of Iran's market share; on the other hand, some OPEC members are hands in hands with the United States to strike some OPEC founding members. Indeed, Mr. Trump's attempt to prevent Iran from appearing on the global crude oil markets has allowed Russia and Saudi Arabia, which would not favor low prices, to pursue hostage-taking policies in the market."

Kazempour Ardebili stressed Moscow and Riyadh are "getting closer" due to their common goal of higher oil prices in the range of $75 to $80 per barrel. However, he warned oil prices that high are not in "the interest of consumers, and countries like Japan, India, China, and even European countries," due to possible effects on the sale of US military equipment and weapons.

Breaking the News / VP

Share:

Brent Crude (...+0.66%

81.93
Chart for: F BRN 11/18

F WBS+0.42%

72.56
Chart for: F WBS 11/18