LONDON – Iran’s Organization of the Petroleum Exporting Countries (OPEC)governor said on Saturday that Saudi Arabia and Russia have taken the oilmarket ‘hostage’ as US President Donald Trump seeks to impose freshsanctions on Iranian oil sales.
Washington wants to cut Iran’s oil exports to zero by November, and isencouraging producers such as Saudi Arabia, other OPEC members and Russiato 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 KazempourArdebili was quoted as saying by SHANA, the oil ministry’s news agency.
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“Trump’s efforts to cut Iran’s access to the global crude market hasprompted Russia and Saudi Arabia to take the market hostage,” he said.
