You are here: Home » International » News » Markets
Business Standard

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 

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. “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 ...

This article is no longer available in our repository.

There could be multiple reasons for this.

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