In a reference to Saudi Arabia’s offer to pump more oil into global markets because of impending US sanctions on Iran, Tehran has said that no member should be allowed to take another member’s share in crude oil exports, The Tribune has reported.
A senior Iranian diplomat Kazem Gharibabadi met with the Organisation of the Petroleum Exporting Countries (OPEC) Secretary-General Mohammad Barkindo and him to ensure the politics is kept out of the grouping.
Iran’s oil ministry news agency SHANA quoted the permanent envoy to OPEC as saying, “No country is allowed to take over the share of other members for production and exports of oil under any circumstance, and the OPEC Ministerial Conference has not issued any licence for such actions.”
Oil exports from Iran were valued at $52,728 million in the year 2017 as per OPEC data.
In the month of May, US President Donald Trump had pulled out of an international nuclear deal with Iran and planned a fresh round of sanctions on Iran. US is also pressurising other nations to stop or reduce their oil imports from Iran. Saudi Arabia plans to capitalise on the US sanctions by filling the void left by Iranian oil.
US sanctions on Iran’s energy and oil exports, financial institutions doing business with Central Bank of Iran and its shipping sector will kick in on 4 November 2018 as per the report.
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.
The embedded tweet could not be found…