Iran hits out at Saudi Arabia, Russia

Iran hits out at Saudi Arabia, Russia

LONDON - Iran’s Organization of the Petroleum Exporting Countries (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 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 Saudi Arabia to take the market hostage,” he said.