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| Syria-Lebanon-Iran | |
| Iran warns Gulf Arabs on oil | |
| 2012-01-16 | |
CAIRO -- Iran warned 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.
"These acts will not be considered friendly," Khatibi said, adding that if the Arab producers "apply prudence and announce that they will not participate in replacing oil, then adventurist countries will not show interest," in the embargo. 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. The country is the only member of the 12-nation Organization of the Petroleum Exporting Countries that has significant spare capacity, currently estimated at roughly more than 2 million barrels per day. With concerns building amid the standoff between Iran and the West over Tehran's nuclear program, a string of Asian and Western officials have visited Saudi Arabia over the past week. While offering assurances that it could meet a shortfall in supply through its spare capacity, Saudi officials have also been careful to say that it was an internal matter if nations chose to abide by any sanctions. Oil Minister Ali Al-Naimi appeared to try to further clarify the country's position in comments published Sunday in the daily Al-Ektisadiyah newspaper. "We never said that Saudi Arabia is trying to compensate for Iranian oil in the case that sanctions (are enacted)," Al-Naimi was quoted as saying. "We said that we are prepared to meet the increase in global demand as a result of any circumstances." The kingdom has a production capacity of 12.5 million barrels and is believed to be producing slightly over 9 million to 9.5 million barrels per day. | |
| Posted by:Steve White |
| #2 Iran is repor po'ed at the perceived Saudi threat to offset any Iran-led oil loss by a similar, "almost immediate" increase in Saudi production. Iran is threatening to use "any tools necessary" to protect its interests. |
| Posted by: JosephMendiola 2012-01-16 22:33 |
| #1 So Iran's message to the Sunnis is that they better not increase output because that would reduce Iran's revenues & prevent them from having the money they need to finish making nuclear weapons that they can use to attack Israel and/or the Sunnis... Not much of an argument from the Sunni Arabs perspective.. |
| Posted by: American Delight 2012-01-16 08:34 |