financetom
Economy
financetom
/
Economy
/
Iran slams US for seeking Saudi oil output hike, says OPEC won't comply
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Iran slams US for seeking Saudi oil output hike, says OPEC won't comply
Jun 8, 2018 6:23 AM

Iran criticised a US request that Saudi Arabia pump more oil to cover a drop in Iranian exports and predicted OPEC would not heed the appeal, setting the stage for a tough meeting of the producer group later this month.

Share Market Live

NSE

Iran’s OPEC governor, Hossein Kazempour Ardebili, was responding to news that the US government had unofficially asked Saudi Arabia and some other OPEC producers to raise output.

“It’s crazy and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran’s export due to their Illegal sanction on Iran and Venezuela,” Kazempour said in comments to Reuters.

He predicted OPEC would not heed the US request and said oil prices would jump in response to Washington's sanctions on Iran and Venezuela, as they did during a previous round of US sanctions against Iran.

“No one in OPEC will act against two of its founder members,” he said. “The US tried it last time against Iran, but oil prices got to $140 a barrel.”

The Organization of the Petroleum Exporting Countries meets to review its oil output policy on June 22 in Vienna.

OPEC, founded in 1960, has a history of collaboration over oil policy despite differences of opinion and even wars between some members over the years.

Kazempour said the group would unite in opposition to the US request.

“OPEC will not accept such a humiliation. How arrogant and ignorant one could be (to) underestimate the history of 60 years' cooperation among competitors,” he said.“We have to live together - we cannot change geography but we must build better history,” he said.

First Published:Jun 8, 2018 3:23 PM IST

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Cutting Rates to Support Labor Market Risks Extending Period of Already-High Inflation, Cleveland Fed's Hammack Says
Cutting Rates to Support Labor Market Risks Extending Period of Already-High Inflation, Cleveland Fed's Hammack Says
Nov 20, 2025
03:37 PM EST, 11/20/2025 (MT Newswires) -- Monetary policy easing by the Federal Reserve to support a weakening labor market risks prolonging the period of already-high inflation, Cleveland Fed President Beth Hammack said Thursday. In remarks prepared for delivery at a Cleveland Fed conference, Hammack said that high inflation and a softening jobs market pose challenges for the central bank...
US banks shelve $20 billion bailout plan for Argentina, WSJ reports
US banks shelve $20 billion bailout plan for Argentina, WSJ reports
Nov 20, 2025
(Reuters) -A planned $20 billion bailout for Argentina from JPMorgan Chase ( JPM ), Bank of America ( BAC ) and Citigroup ( C/PN ) has been shelved as bankers pivot instead to a smaller, short-term loan package, the Wall Street Journal reported on Thursday, citing sources. In October, the U.S. Treasury reached a $20 billion exchange-rate stabilization agreement with...
Fed's Paulson is 'cautiously' approaching December rate decision, she says 
Fed's Paulson is 'cautiously' approaching December rate decision, she says 
Nov 20, 2025
(Reuters) -Philadelphia Federal Reserve President Anna Paulson said on Thursday she is approaching the U.S. central bank's next meeting cautiously, despite supporting its last two interest rate cuts, as the threat of prolonged high inflation needs to be balanced with the risk of rising unemployment. On the margin, I'm still a little more worried about the labor market than I...
Fed's Goolsbee uneasy about rate cuts, says nothing wrong with dissenting
Fed's Goolsbee uneasy about rate cuts, says nothing wrong with dissenting
Nov 20, 2025
(Reuters) -Chicago Federal Reserve President Austan Goolsbee on Thursday said he is uneasy about cutting interest rates in the face of too-high inflation that's steady at best and by some measures getting worse, remarks that signal a reluctance to support a third straight reduction in borrowing costs next month. My unease is about the short-run front-loading of too many rate...
Copyright 2023-2026 - www.financetom.com All Rights Reserved