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Title : Iran OPEC Chief: Saudi Arabia And Russia Have Taken Oil Market 'Hostage'
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Iran OPEC Chief: Saudi Arabia And Russia Have Taken Oil Market 'Hostage'

Ardebili and accused Russia, Iran and the UAE of welcoming US sanctions on Iran for their own gain [File: Morteza Nikoubazl/Reuters]

Al Jazeera: Iran OPEC chief: 'Saudi and Russia are taking oil market hostage'

Iran's OPEC chief Hossein Kazempour Ardebili says Saudi and Russian actions are a result of US attempts to cut Iran off.

Iran's OPEC governor, Hossein Kazempour Ardebili, has accused fellow OPEC country Saudi Arabia and non-OPEC country Russia of taking the global oil market hostage.

Their actions are a direct result of attempts by the United States to cut Iran's access to the global market off, he said.

"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," Ardebili told Iran's oil news agency SHANA.

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Update #1: Iran says Saudi Arabia and Russia have taken oil market 'hostage': SHANA (Reuters)
Update #2: Iran says OPEC has 'not much credit' left (AFP)

WNU Editor: Iran should not worry too much. There is no capacity to replace the oil that Iran produces .... Iran: There Is No Spare Oil Capacity (OilPrice.com).

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