Friday, May 25, 2018

Iran warns Arab nations against boosting oil production

CAIRO — Iran warned Persian Gulf Arab oil producers against boosting production to offset any potential drop in Tehran's crude exports in the event of an embargo affecting its oil sales, the latest salvo in the dispute between the West and the Islamic Republic over its nuclear program.

The comments by Iran's OPEC governor, published Sunday, came as Saudi Arabia's oil minister was quoted the same day denying that his country's earlier pledges to boost output as needed to meet global demand were linked to a potential siphoning of Iranian crude from the market because of sanctions.

World oil markets have been jolted over concerns that Iran may choke off the vital Strait of Hormuz in retaliation for sanctions hampering its ability to sell its oil. Saudi Arabia and other key Arab producers recently have said they are ready to provide stable and secure supplies of oil.

Iran's official news agency IRNA said Sunday that the United States has relayed a message to Iran about security in the Strait of Hormuz. It gave no details, and there was no immediate comment from Washington.

The United States recently imposed sanctions targeting Iran's central bank and, by extension, refiners' ability to buy and pay for crude. The European Union is also weighing an embargo on Iranian oil, while Japan, one of Iran's top Asian customers, has pledged to buy less crude from the country.

Mohammad Ali Khatibi, Iran's OPEC governor, was quoted Sunday by the proreform Shargh newspaper as saying that attempts by gulf nations to replace Iran's output with their own would make them an "accomplice in further events."

Saudi Arabia, the world's largest oil producer and a close U.S. ally, had said that it was ready to raise its output to accommodate global market needs.

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