• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 2 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 8 hours China's Blueprint For Global Power
  • 3 hours IMO 2020:
  • 5 hours World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 9 hours Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 12 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 13 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 13 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 5 hours Deepwater GOM Project Claims Industry First
  • 14 hours PETROLEUM for humanity 
  • 13 hours Idiotic Environmental Predictions
  • 7 hours Brexit agreement
Alt Text

The Cheapest Oil Ever Sold

If history tells us anything,…

Alt Text

EIA Sharply Cuts Oil Price Forecast

The EIA has once again…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Iran: Oil Prices Could Jump To $140 On U.S. Sanctions

Oil prices could jump to $140 a barrel due to the U.S. sanctions against Iran and Venezuela, Iran’s OPEC governor Hossein Kazempour Ardebili told Reuters on Friday.

The Iranian official also criticized a reported request that the United States made of Saudi Arabia to help stabilize oil prices in case the sanctions against Iran drives oil prices up.

A day before U.S. President Donald Trump pulled the United States out of the Iran nuclear deal, a senior official of the Trump Administration phoned Saudi Arabia to ask it to help keep oil prices stable should the U.S. decision on Iran disrupt oil supply, Reuters reported yesterday.

Earlier this week, Bloomberg reported that the United States had quietly asked Saudi Arabia and several other OPEC nations to raise oil production by some 1 million bpd.

Commenting on the U.S. request to Saudi Arabia, Iran’s Kazempour told Reuters:

“It’s crazy and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran’s export due to their Illegal sanction on Iran and Venezuela.”

“No one in OPEC will act against two of its founder members,” he said. “The U.S. tried it last time against Iran, but oil prices got to $140 a barrel.”

According to the Iranian official, OPEC will not accept the U.S. request because “OPEC will not accept such a humiliation. How arrogant and ignorant one could be (to) underestimate the history of 60 years’ cooperation among competitors.”

Iran and Venezuela have separately pleaded over the past week to their fellow OPEC members for support and solidarity against the U.S. sanctions.

Iran and Venezuela are currently the two key oil supply concerns globally that supported the oil price rally in recent weeks, before Saudi Arabia and Russia hinted at discussions that they were considering reversing some of the cuts to offset production losses and “ease market and consumer anxiety.”

If the partners in the production cut deal decide to raise production and if this move depresses oil prices, Iran and Venezuela will be two of the biggest losers from lower oil revenues, because they can’t raise their respective production levels, also because of the U.S. sanctions.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play