Energy
0

Saudis, Russia Planning to Replace Iran Oil Market Share

Oil reached $80 a barrel this month, prompting US President Donald Trump to call again on the Organization of Petroleum Exporting Countries to help bring down prices
Saudis, Russia Planning to  Replace Iran Oil Market Share  Saudis, Russia Planning to  Replace Iran Oil Market Share
The meeting, chaired by Saudis, will discuss the likelihood of boosting output between 500,000 to 1 million barrels per day

The joint OPEC and non-OPEC ministerial committee, aka JMMC, which is due to meet today in Algeria, has decided to adjust Iran’s declining share in OPEC, a senior energy analyst said.
"The meeting, chaired by Saudis, will discuss the likelihood of boosting output between 500,000 and 1 million barrels per day to compensate Iran's crude that will be eliminated from the market gradually due to the US looming sanctions, set to be imposed on Nov. 4," Behrouz Namdari also told ILNA.
According to the expert, Saudi Arabia and Russia have already planned to replace Iranian oil and now they will discuss the details of each member's share within the organization whether Iran’s Oil Minister Bijan Namdar Zanganeh attends it or not.
"Nonetheless, Zanganeh's absence in the meeting will translate into a strong disagreement with the decision as Iran, OPEC’s third-largest producer behind Saudi Arabia and Iraq, has pledged to block any supply increase to curb rising prices," he said.
Tehran says the price rally was instigated by US President Donald Trump's decision to withdraw from the Iran nuclear deal and reimpose sanctions on Iranian oil sales. 

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