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GasBuddy.com: OPEC’s all about semantics

The news yesterday from Cairo, once again, was ominous. This time Iran warned its oil-producing neighbors in the Persian Gulf against boosting production to offset any potential decrease that might occur when and if Iran drops its exports in the event of an embargo.

Iran does not want to see oil shipments from Saudi Arabia, for instance, increase at Iran’s expense. Saudi Arabia’s oil minister was quoted this weekend denying that his country’s earlier pledges to boost output as needed to meet global demand was linked to a potential siphoning of Iranian crude from the market because of sanctions.

According to the Associated Press, Mohammad Ali Khatibi, Iran’s OPEC governor, was quoted Sunday as saying that attempts by Gulf nations to replace Iran’s output with their own would make them an “accomplice in further events.”
“These acts will not be considered friendly,” Khatibi said, adding that if the Arab producers “apply prudence and announce that they will not participate in replacing oil, then adventurist countries will not show interest,” in the embargo…….Read More

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Posted by on Jan 16 2012. Filed under Current News, Economy, Post To Slider. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.

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