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Oil market held 'hostage' by Saudi Arabia, Russia: Iran

IANS  |  Tehran 

and have held "hostage" the as US seeks to impose new sanctions on Iranian oil sales, a senior Iranian has said.

"and claim they seek to balance the global oil market, but they are trying to take over a part of Iran's share," Iran's of the Organization of the Petroleum Exporting Countries, Hossein Kazempour Ardebili, was quoted as saying by news agency on Saturday.

"Trump's efforts to cut Iran's access to the global crude market has prompted and to take hostage the oil market," Kazempour Ardebili said.

On Saturday, he accused and of welcoming for their own gain, and warned that such actions would damage the credibility of OPEC, according to Tasnim, reported.

Ardebili also said "Saudi Arabia and UAE are turning the OPEC into a US tool".

US sanctions on snapped back on August 6, a move after US withdrawal from the nuclear deal on May 8. The sanctions would include targeting Iran's automotive sector, trade in gold, and other key metals.

The remaining sanctions will snap back on November 4. These sanctions will include targeting Iran's and petroleum-related transactions, and transactions with

Washington's withdrawal from the landmark Iran nuclear deal was criticised across the world. Some of its major European allies have been working to prevent the 2015 deal from falling apart.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sun, September 16 2018. 22:28 IST