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Iran calls Saudi oil production freeze a 'joke'
cnn money ^ | 2-23-2016

Posted on 02/23/2016 10:14:08 AM PST by Citizen Zed

The world's oil powers remain deeply at odds. Iran's oil minister Bijan Zangeneh on Tuesday called the Saudi Arabia-led idea for countries to freeze production a "joke," according to Iranian state broadcaster Press TV.

Iran's mocking of the oil freeze came at the same time as the top Saudi oil official was in the U.S. trumpeting the idea.

The freeze is the beginning of a process," Saudi oil minister Ali al-Naimi said during a highly-anticipated speech on Tuesday at the IHS CERAWeek oil conference in Houston.

"Maybe not all of them, but most of the countries that count will freeze," al-Naimi said, adding that meant Iran as well.

The latest infighting within OPEC dashed hopes on Wall Street that oil countries would ease the epic supply glut crashing the oil market. Oil plunged 5% to $31.75 a barrel following the Iranian official's comments.

Iran has been on a mission to ramp up oil production now that sanctions have been lifted.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Chit/Chat
KEYWORDS: oil; saudioil
How about we let competition keep prices low for a change?
1 posted on 02/23/2016 10:14:08 AM PST by Citizen Zed
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To: Citizen Zed

A Cameo:
Robert Ellsworth · http://oilpro.com/
The Doha agreement last week between Saudi Arabia, Russia, Qatar and Venezuela Is a joke itself. Announcing an agreement with even the largest players that supposes the small players have to participate before it takes effect can only be seen as a posturing by those 4 in my first sentence. If I were Iran I’d get my industry cranked up to 10 million bpd just as quick as I could and then just smile................ In the mean time how about a tariff on crude coming into the USA from anywhere except Canada? That might give our refineries an incentive and some breathing room while they reconfigure and upgrade what they have in order to better utilize our crude coming from our shale producers.

Rab can but concur.


2 posted on 02/24/2016 8:23:21 PM PST by Rabin
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