• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 2 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 18 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 2 days Indonesia Stands Up to China. Will Japan Help?
  • 1 day US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 15 mins Let’s take a Historical walk around the Rig
  • 17 hours Beijing Must Face Reality That Taiwan is Independent
  • 1 hour Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 hours Trump has changed into a World Leader
  • 1 day Might be Time for NG Producers to Find New Career
  • 2 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 2 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 3 days Angela Merkel take notice. Russia cut off Belarus oil supply because they would not do as Russia demanded
Alt Text

Oil Poised For Steepest Weekly Decline Since July

Oil prices were heading for…

Alt Text

Goldman Sachs: This Oil Rally Won’t Last

Investment bank Goldman Sachs thinks…

Alt Text

Is Iran Preparing To Send Oil Back To $100?

Brent oil prices have failed…

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