• 4 minutes Will Libya Ever Recover?
  • 9 minutes USGS Announces Largest Continuous Oil Assessment in Texas and New Mexico
  • 13 minutes What Can Bring Oil Down to $20?
  • 16 minutes Venezuela continues to sink in misery
  • 12 hours Alberta govt to construct another WCS processing refinery
  • 3 hours Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 6 hours Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 3 hours Instead Of A Withdrawal, An Initiative: Iran Hopes To Agree With Russia And Turkey on Syrian Constitution Forum
  • 14 hours Let's Just Block the Sun, Shall We?
  • 4 hours Water. The new oil?
  • 1 day U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 4 hours Storage will in time change the landscape for electricity
  • 1 day Quebecans Snub Noses at Alberta's Oil but Buy More Gasoline
  • 3 hours Regular Gas dropped to $2.21 per gallon today
  • 2 days OPEC Cuts Deep to Save Cartel
  • 2 days $867 billion farm bill passed
OPEC Sees Demand For Its Crude Oil Lower In 2019

OPEC Sees Demand For Its Crude Oil Lower In 2019

OPEC expects demand for its…

Chinese-Venezuelan Joint Venture Doubles Oil Production

Chinese-Venezuelan Joint Venture Doubles Oil Production

A joint venture between troubled…

Iran Criticizes Saudi Oil Production Boost, Warns of Price War

Relations between Saudi Arabia and the Islamic Republic of Iran have been stressful ever since the latter’s 1979 revolution.

The tension extends into the pair’s working relationship within the Organization of the Petroleum Exporting Countries, with Iran frequently arguing for production quota increases to increase its earning from oil exports, while Saudi Arabia often intervenes, raising or lowering its own production in an attempt to stabilize prices for the cartel.

Now the contradictory policies have once more emerged into the open, with Iranian OPEC representative Mohammad Ali Khatibi complaining that Saudi Arabia's unilateral decision to boost its oil production will lead to a price war on the oil market, the Fars News Agency reported. In unusually blunt criticism of Riyadh’s policies Khatibi said, "Moves undertaken by Saudi Arabia now demonstrate that there is no demand for (additional) oil. They are after securing other producers' (market) shares. It seems that Saudi Arabia's actions in the oil market have the smell of competition."

At OPEC’s last meeting in Vienna on 8 June, Iran opposed Saudi Arabia's efforts to secure agreement with fellow OPEC members to increase oil production.

Besides Iran, Venezuela and Algeria also opposed the Saudi initiative, after which Riyadh announced that it would increase its production and sell as much oil as requested.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News