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Iran: Saudi Arabia and Russia Have Violated the Terms of the OPEC Deal

Thursday 4 October 2018

TEHRAN (Mehr News) — Iran has accused Saudi Arabia and Russia of violating the terms of the OPEC agreement to limit oil production. However, for Iranian authorities the Saudis and Russians will not be able to compensate for the reduction in exports in Iran after the resumption of US sanctions, writes Oil-Expert.

On Wednesday, Reuters reported that Russia and Saudi Arabia had a private deal to increase oil production in order to curb the rise in oil prices.

“If sanctions are imposed on Iran, the price of oil will increase. Russia and Saudi Arabia will not be able to do anything to compensate for the supplies,”, said Hossein Kazempoor Ardebili, Iranian representative to OPEC.

US sanctions against Iran will take effect next month. Washington intends to reduce oil exports in Iran to zero. It is important for Donald Trump to convince other major producers, such as Saudi Arabia and Russia, to increase oil production in order to curb the rise in oil prices. “Mr. Trump is very angry because some countries are not able to replace the decline in oil production in Iran. And he fully expressed his anger to the King of Saudi Arabia and the whole of OPEC”, said Kazempoor.

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