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Fri May 3, 2019, 02:20 PM

Iran's oil minister warns that OPEC collapse is likely

Iranís oil minister warned that OPEC is in danger of collapse as some nations seek to undermine their fellow members, an apparent reference to Saudi Arabiaís pledge to fill the supply gap created by U.S. sanctions on Iranian exports.

"Iran is a member of OPEC for its interests and any threat from member states wonít go unanswered," Bijan Namdar Zanganeh said after a meeting with OPEC Secretary General Mohammad Barkindo in Tehran on Thursday, according to the oil ministryís Shana news agency.

His comments come as U.S. President Donald Trump tries to cut the Islamic Republicís oil exports to zero, backed by a promise from Saudi Arabia and its Gulf allies to increase production to ensure the squeeze doesnít create a supply shortage.

Those countries boosted production last year as the first round of American sanctions hit Iran, without splitting the Organization of Petroleum Exporting Countries. This year, however, Iran is under even greater pressure, with fewer options to keep its economy afloat.

Zanganeh had already censured "two neighboring states" for voicing readiness to fill the gap of Iranian barrels in the market. "I told Mr. Barkindo that OPEC is in danger by the unilateralism of some members and the organization faces the risk of collapse," he said on Thursday, stopping short of naming names.

The lost barrels, along with supply disruptions in Venezuela and elsewhere, have raised the question of whether OPECís biggest producers have a big enough supply buffer to keep the market in balance. Zanganeh last month accused Saudi Arabia and the United Arab Emirates of exaggerating their surplus oil capacity.

https://www.msn.com/en-us/money/markets/irans-oil-minister-warns-that-opec-collapse-is-likely/ar-AAAQAmu?li=BBnbfcN

But Trump loves his handsome Saudi prince.

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Reply Iran's oil minister warns that OPEC collapse is likely (Original post)
Yo_Mama_Been_Loggin May 3 OP
louis-t May 3 #1
Iliyah May 3 #2
Wellstone ruled May 3 #3
gratuitous May 3 #4
Wellstone ruled May 3 #5

Response to Yo_Mama_Been_Loggin (Original post)

Fri May 3, 2019, 02:30 PM

1. Donnie Destructo strikes again.

Everything he touches turns to shit.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri May 3, 2019, 02:38 PM

2. That's way this effed up administration is now sooooooooooooo

concern about Venezuela.

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Response to Yo_Mama_Been_Loggin (Original post)

Fri May 3, 2019, 02:48 PM

3. After last weeks efforts

by Putin to raise havoc with European Refineries by polluting the Crude going through his Pipeline and into these Refineries,this does not surprise.

Iran has millions of Barrels of light crude loaded and ready to go to . Last time they were threatened by sanctions,they had 52 million barrels all loaded out ready to go,and that tempted those greedy Refineries to break those sanctions costing the Saudi's and the US billions.

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Response to Wellstone ruled (Reply #3)

Fri May 3, 2019, 03:17 PM

4. It's just so sad

When greedy refineries undermine the schemes of greedy petrostates.

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Response to gratuitous (Reply #4)

Fri May 3, 2019, 03:40 PM

5. Hope folks pay attention in the coming months

as to what Putin is up to. The Canadian's are extremely concerned with the crap in the Arctic and Trump has joined in with Putin as to the ownership of Arctic Resources.

The Germans and the French as well as the Scandinavians are keeping Putin in check until the USA fixes it's Governmental issues.

Again,watch for mega Bot attacks to ramp up soon.

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