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Oil prices could jump to $140 on U.S. sanctions

Staff Writer |
Oil prices could jump to $140 a barrel due to the US sanctions against Iran and Venezuela, Iran’s OPEC governor Hossein Kazempour Ardebili said.

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The Iranian official also criticized a reported request that the United States made of Saudi Arabia to help stabilize oil prices in case the sanctions against Iran drives oil prices up, Reuters reported.

A day before US President Donald Trump pulled the United States out of the Iran nuclear deal, a senior official of the Trump Administration phoned Saudi Arabia to ask it to help keep oil prices stable should the US decision on Iran disrupt oil supply, Reuters reported.

Earlier this week, Bloomberg reported that the United States had quietly asked Saudi Arabia and several other OPEC nations to raise oil production by some 1 million bpd.

Commenting on the U.S. request to Saudi Arabia, Iran’s Kazempour told Reuters:

“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.”

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

According to the Iranian official, OPEC will not accept the US request because “OPEC will not accept such a humiliation. How arrogant and ignorant one could be (to) underestimate the history of 60 years’ cooperation among competitors.”


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