Iran's OPEC governor criticized Saudi Arabia and Russia, saying the two nations are taking advantage of new U.S. sanctions on Iranian oil to control the market.
Reuters reported that Hossein Kazempour Ardebili said that rival producers will not be able to make up for Iran's share of the market narrowed by U.S. sanctions, but said Saturday that Russia and Saudi Arabia have taken the oil market "hostage."
“Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran’s share,” Hossein Kazempour Ardebili reportedly said.
Kazempour Ardebili told the Iranian outlet that Saudi Arabian and Russian efforts to turn OPEC into a tool for the U.S. will hurt the intergovernmental organization's credibility.
"American bullish behavior will certainly not end with Iran becoming another Venezuela," he said.