• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 42 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 7 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days Bankruptcy in the Industry
Tesla to Lay Off Over 10% of Global Workforce

Tesla to Lay Off Over 10% of Global Workforce

Tesla is laying off over…

Small Banks Significantly Boost Loans to Oil And Gas Firms

Small Banks Significantly Boost Loans to Oil And Gas Firms

Regional banks BOK Financial, Citizens…

Sao Paulo's Power Grid Nears Breaking Point

Sao Paulo's Power Grid Nears Breaking Point

Sao Paolo is facing blackouts…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Iran Accuses Russia And Saudi Arabia Of Stealing Market Share

Rig

Russia and Saudi Arabia are eating into Iran’s oil market share, Tehran’s OPEC governor, Hossein Kazempour Ardebili, said in an interview with state oil agency Shana.

The official did not reserve his criticism for these two, however. He also slammed other OPEC members for welcoming the U.S. sanctions against Tehran and taking advantage of the situation to boost their production.

“On the one hand” Ardebili said, “Russia and Saudi Arabia, under the pretext of balancing the supply and demand of the world, are seeking a part of Iran's market share; on the other hand, some OPEC members are hands in hands with the United States to strike some OPEC founding members.”

At the same time, Ardebili was skeptical about Saudi Arabia, for one, being able to boost its production to 12 million bpd as it claimed it would should the need arise amid Iran sanctions.

“Saudi Arabia has tapped its stockpiles of about 240 million barrels based on the latest estimates to bring its oil production to 12 mbd, a record the kingdom had previously registered during occupation of Kuwait by Iraq, as well as the overthrow of Iraqi dictator Saddam Hussein. Again, Riyadh will need to tap its oil inventories to strike such production levels,” The OPEC governor of Iran said.

Related: Russia Looks To Boost Gas Sales In Tighter European Markets

The interview comes a few days after Iran’s Supreme Leader Ayatollah Ali Khamenei approached Russia’s Vladimir Putin for support in trying to “restrain” Washington.

At the same time, Ardebili accused Russia of trying to cozy up to Washington through Riyadh to make the most of the oil market situation. Although he admitted it is more or less natural for every oil producer to take advantage of higher prices and seek to maximize its gains, the official said that Russia and Saudi Arabia were pursuing “hostage-taking policies in the market.”

By Irina Slav for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News