Energy
0

Saudis Misled Trump, Failed to Compensate Iranian Oil Loss

Saudis Misled Trump, Failed to Compensate Iranian Oil LossSaudis Misled Trump, Failed to Compensate Iranian Oil Loss

Iran said on Tuesday US President Donald Trump was mistaken to expect Saudi Arabia and other oil producers to compensate for supply losses caused by US sanctions on Iran, after OPEC production rose only modestly in July. 
The comments, from Iran’s OPEC governor, came a day after a Reuters survey showed OPEC production rose by 70,000 barrels per day in July. Saudi production increased but was offset by a decline in Iranian supply due to the restart of US sanctions, the survey found, Reuters reported. 
“It seems President Trump has been taken hostage by Saudi Arabia and a few producers when they claimed they can replace 2.5 million barrels per day of Iranian exports, encouraging him to take action against Iran,” Hossein Kazempour Ardebili told Reuters.  
 

Premium

Subscribe to the Financial Tribune to continue reading this article or Log in to your account if you are already a subscriber.

Find out more about our subsciption plans here.

Add new comment

Financialtribune.com