Iran warns using oil cuts as weapon could collapse OPEC

Iran warns using oil cuts as weapon could collapse OPEC
  • Clock-gray 06:29
  • calendar-gray 02 May 2019

Iranian Minister of Petroleum Bijan Zangeneh says a US bid to cut Iran’s oil exports to zero is a “pious hope,” and noted that the use of oil sanctions could lead to further volatility in the global market, ONAreports quoting sputniknews.

Zangeneh said that Iran held no grudge against any countries in the region but noted that two regional states overstate their production capacities to reassure the market after Iran’s output was limited by US sanctions, cited by PressTV.

“As I have already said, the US wishes to cut Iran’s oil exports to zero but this is a pious hope. Any independent market expert knows that a surplus of capacities declared by certain countries is exaggeration and overstatement,” Zangeneh told the opening of the 24th International Oil, Gas, Refining and Petrochemical Exhibition in Tehran on Wednesday.

Oil prices hit their highest level since November shortly after the US said all waivers given to eight major buyers of Iranian crude, which allowed them to import Iran’s crude without facing sanctions, would end after May 1.

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