OPEC ministers meet in Jeddah over rising US-Iran tensions

The oil minister of the major oil-producing nations met in Jeddah on Sunday to discuss the impact of US-Iran tensions on the energy markets and the disruptive effect of Tehran’s sabotage attacks on Gulf tankers and pumping stations last week. They are also considering how US sanctions on Iranian oil exports relate to the cartel’s agreed production quotas and prices. The meeting is attended by the Russian minister but not Iran’s. The participants were informed that the level of Iran’s oil sales plummeted in May from 1.4 million bpd to half-a-million bpd.  Before the meeting, the host Saudi Arabia said it does not seek war with Iran, but is ready to defend its interests. The meeting is set to make recommendations ahead of a key OPEC summit in late June, to be attended by Iran.

 

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4 thoughts on “OPEC ministers meet in Jeddah over rising US-Iran tensions

  • May 19, 2019 @ 21:34 at 21:34
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    Iran, keep you troops home, don’t sell weapons to insurgents, keep out of terror activities, and you will be able to sell all the oil you want.
    BE PEACEFUL AND PROSPER, OR KEEP BULLYING AND SUFFER HARD, YOUR CHOICE.

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    • May 19, 2019 @ 21:50 at 21:50
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      The root cause of the evil raining on us in Iran is the band of bearded old farts in power.

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      • May 20, 2019 @ 16:22 at 16:22
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        good meeting–they need to figure out why Europe was not supplies with crude for the past week , and why price is up 8%. Action -reaction —-USA game that bombs its own facilities , since it cannot afford to sustain not only them but itself

        Reply

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