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

Washington wants to cut Iran's oil exports to zero by November

Reuters  |  London 

Opec, Iran, Iraq, Saudi Arabia, Oil, Import
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 governor said on Saturday that and 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 members and to pump more to meet the shortfall.

and 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 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

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.

First Published: Sat, September 15 2018. 20:58 IST