Kazempour Ardebili made the comments in response to reports that the United States government had quietly asked Saudi Arabia and some other OPEC producers to increase oil production by about one million barrels a day.
He said, "It's insane and astonishing to see instruction coming from Washington to Saudi to act and replace a shortfall of Iran's export due to their Illegal sanction on Iran and Venezuela", and he added that "No one in OPEC will act against two of its founder members; the US tried it last time against Iran, but oil prices got to $140 a barrel".
But many European companies are already severing ties with Tehran for fear of facing secondary sanctions from the United States, which could mean losing access to the USA dollar clearing system.
Next week's discussion between Russian Minister of Energy Alexander Novak and Saudi Arabian Minister of Energy, Industry and Mineral Resources Khalid al-Falih in Moscow might be a prelude to a broader gathering of OPEC members and allied producers later this month.
"After Saudi Arabia and Russian Federation made the suggestion that Opec starts lifting output in the second half, the market has been on its heels", said Jens Naervig Pedersen, senior analyst at Danske Bank A/S in Copenhagen. "In the end, OPEC will make sure to tread carefully". U.S. West Texas Intermediate (WTI) crude futures recovered some earlier losses to trade 61 cents lower at $65.33. Total volume traded was about 15 percent below the 100-day average.
Oil prices headed lower this year and next, J.P. Morgan forecasts
Brent futures for August settlement slid US$0.86 to end the session at US$76.46 on the London-based ICE Futures Europe exchange.
Some Opec members are reluctant to relax output caps that have been in place since the start of 2017.
Against that backdrop, Russian President Vladimir Putin is scheduled to meet Saudi Crown Prince Mohammed bin Salman on Thursday next week.
"They're all seeming to push back on the Saudis' push to raise production", said John Kilduff, a partner at Again Capital Management in NY. The vessel had been waiting since February to load Venezuelan Boscan heavy crude, according to the data.
Hedge funds and other money managers cut their bullish bets on U.S. crude futures in the week ended June 5, the U.S. Commodity Futures Trading Commission (CFTC) said. "The US tried it last time against Iran, but oil prices got to $140 a barrel", he said.
'Strong progress' in calming Congo Ebola outbreak But the Congolese health ministry said on Wednesday that "no experimental treatment has yet been given to hospitalised patients". There have been 62 Ebola cases in the DRC during this latest oubreak, with 38 confirmations and 27 deaths .
Nadal Wins 11th French Open Title The score may have looked rather routine but there was some drama in the third set when Nadal called for the trainer at 2-1, 30-0. The culmination of the second set was a tiebreak, during which Cecchinato thanks to blunders by the Tim battled back from 3:6.
The computer detects a crash signal, issues a command to inflate the air bags and prepares seat belts for a crash if necessary. The logo of Kia Motors is seen at the manufacturing plant in Pesqueria, on the outskirts of Monterrey, Mexico, April 3, 2016.
Trudeau called the fact that the United States had based the tariffs on a national security reason "kind of insulting". Reneging on the commitments agreed in the communique showed "incoherence and inconsistency", it said in a statement.
Thereafter, they will play a five-match ODI series versus Australia and a solitary T20, which commences on June 13 in London . Tom Curran, whose brother Sam made his Test debut at Headingley, was already part of the squad for the Australia series.
LeBron was asked if he thought Durant was going to be a problem when he first went up against him in the Finals back in 2012. It was his teammates' reaction that people really fell in love with, or more accurately Durant's reaction to their reaction.
In late May, air defences intercepted Houthi missiles over the southern cities of Najran and Jizan and there were no casualties. The Saudi-led coalition, which includes the UAE, intervened in the Yemen war in 2015 at the request of Mr Hadi's government.
We are looking forward to the fight very much, and we're ready. "I don't think about the underdog status". If Horn is to beat Crawford, he will have to make the fighter ask some tough questions in the ring .
Beijing has cut import duties on automobiles and some consumer goods and to ease curbs on foreign ownership in its auto industry. Gao said that China doesn't want to escalate trade tensions with the US , and that boosting imports is an established strategy.
The assault mirrored other truck attacks in 2016 that left scores dead, one in Nice, southern France, the other in Berlin. Akilov, a welder from Samarkand, Uzbekistan, applied for asylum in November 2014, but was rejected and told to leave.
Fewer than 45 percent of voters cast a ballot, a record low, and allegations of fraud began nearly immediately after the vote. Around 60 percent of Baghdad's two million eligible voters had cast their ballots in the May election in Al-Russafa district.
It seemed like a lock that Square Enix would be announcing Kingdom Hearts 3's release date at its E3 press conference. Nomura said regarding the release date, "I'm sorry that we're asking for a little more time than initially planned".
Trump says Cavs, Warriors won’t be invited to White House
It seemed to be a moot point, as LeBron James said Tuesday that neither his Cavaliers nor the Warriors would accept a visit. Trump said he would consider pardon applications submitted by players who have participated in protests during the anthem.
The 9 most anticipated games of E3
Others such as Warner Bros Games and Nintendo had the likes of Hitman 2 and Pokémon Let's Go leaked respectively. Bigger companies such as Sony , EA, Microsoft and Ubisoft announced their games early and intentionally.
Nadal wins his 11th French Open title
Nadal, in an on-court interview, also said he's sure that runner-up Thiem will win the tournament in "the next couple of years". The 32-year-old Spaniard is also vying for his 17th major trophy, which would move him within three of Roger Federer .
Trump aide says Trudeau ‘stabbed us in the back’
At issue now is whether the seven nations can conclude their meeting with a joint statement of priorities. Member countries chose to expel Russian Federation in 2014 after it annexed Crimea from Ukraine.
Lotto Max winning ticket worth $500K sold in Ladysmith
The OLG says MAXMILLIONS prizes for Friday night's draw, worth $1,000,000 each, were sold in the London area and Windsor. Also last week, Shelley Palko of Hanmer picket up her $1 million Maxmillion prize from the May 11 Lotto Max draw.
Organic Molecules and Methane Discovered on Mars
Organic molecules are the building blocks of life, though they can also be produced by chemical reactions unrelated to life. That leaves open the possibility that microorganisms once populated our planetary neighbor and might still exist there.
Duke of Cambridge visits Isle of Man today
Prince William jumped at the chance to sit on the handbuilt Norton SG7, but joked: 'I'm a father-of-three. The Braddan-based charity provides specialist accommodation for Isle of Man visitors with disabilities.