Iran hits out at oil quota 'violators' - News and Current Events | futures trading

Go Back

> Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events

Iran hits out at oil quota 'violators'
Started:June 9th, 2012 (02:51 PM) by kbit Views / Replies:163 / 0
Last Reply:June 9th, 2012 (02:51 PM) Attachments:0

Welcome to

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Thread Tools Search this Thread

Iran hits out at oil quota 'violators'

Old June 9th, 2012, 02:51 PM   #1 (permalink)
Elite Member
Aurora, Il USA
Futures Experience: Advanced
Platform: TradeStation
Favorite Futures: futures
kbit's Avatar
Posts: 5,839 since Nov 2010
Thanks: 3,275 given, 3,321 received

Iran hits out at oil quota 'violators'

Sanctions-hit Iran on Saturday blasted fellow OPEC members Saudi Arabia, Kuwait and the United Arab Emirates as oil quota "violators", accusing them of depressing global crude prices by over-pumping.

Iran's OPEC representative, Mohammad Ali Khatibi, said Tehran had officially protested to the cartel that Saudi Arabia was "saturating the market" under pressure from the United States and the European Union, according to the official IRNA news agency.

"It is not right that two or three countries compensate for a country that is being sanctioned. OPEC members should not work against each other," Khatibi was quoted as saying.

Iran is the second-biggest producer in the Organisation of the Petroleum Exporting Countries after Saudi Arabia.

It has repeatedly lashed out at Saudi Arabia, a US ally, for opening oil spigots to make up for a shortfall in the market resulting from a cut in Iranian crude sales because of Western sanctions.

In the first quarter, Saudi output swelled by 250,000 barrels per day to 9.9 million bpd from a year earlier, according to OPEC estimates.

At the same time, OPEC said Iranian production dropped by 300,000 bpd to 3.2 million bpd, its lowest level in 20 years. Iran disputes that, saying its output has increased to 3.8 million bpd.

"Saudi Arabia, and two of its allies are the biggest OPEC (quota) violators," Khatibi was quoted as saying, referring to Kuwait and the United Arab Emirates.

He called that "the main reason for a drop in oil prices in the market."

Saudi Arabia, he said, "is under pressure" from the United States and Europe to pump more ahead of a July 1 EU oil embargo on Iranian crude exports.

The Iran-Saudi row was likely to colour the next meeting of OPEC, to take place Thursday in Vienna, with Tehran expected to push for OPEC members to stick to their agreed quota levels.

Global oil prices this year spiked high on fears of a US or Israeli military confrontation with Iran over the Islamic republic's disputed nuclear programme.

Prices fell back markedly when Iran agreed to hold talks with the so-called P5+1 -- Britain, China, France, Russia and the United States, plus Germany -- but have inched back up as it becomes clear that those talks are faltering.

On Friday, Brent North Sea crude for July delivery was at $99.47 a barrel in London trade, close to the $100 target aimed for by Saudi Arabia and Kuwait.

Iran is more hawkish on prices, keen to earn more per barrel to offset the forced lowering of demand for its oil.

"Iran and some other OPEC members, such as Venezuela and Algeria, are against" an increase in quotas, Khatibi said.

In the OPEC meeting, Iran is also expected to push the nomination of a former oil minister, Gholam Hossein Nozari, for the top post of OPEC secretary general.

Iran hits out at oil quota 'violators' - Yahoo! News UK

Reply With Quote

Reply > Futures Trading, News, Charts and Platforms > Traders Hideout > News and Current Events > Iran hits out at oil quota 'violators'

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Upcoming Webinars and Events (4:30PM ET unless noted)

An Afternoon with FIO trader bobwest

Elite only

NinjaTrader 8: Programming Profitable Trading Edges w/Scott Hodson

Elite only

Anthony Drager: Executing on Intermarket Correlations & Order Flow, Part 2

Elite only

Adam Grimes: Five critically important keys to professional trading

Elite only

Machine Learning Concepts w/FIO member NJAMC

Elite only

MarketDelta Cloud Platform: Announcing new mobile features

Dec 1

NinjaTrader 8: Features and Enhancements

Dec 6

Similar Threads
Thread Thread Starter Forum Replies Last Post
Suspected cyber-attack hits Iranís oil sector kbit News and Current Events 0 April 23rd, 2012 08:25 PM
Iran threatens retaliation over oil embargo GridKing News and Current Events 0 February 3rd, 2012 08:13 PM
Iran hits back at EU with own oil embargo threat kbit News and Current Events 0 January 27th, 2012 06:10 PM
Iran warns Gulf Arabs on oil kbit News and Current Events 0 January 15th, 2012 04:25 PM
Oil Hits Home, Spurring Further Frustration Rage Quick Summary News and Current Events 0 May 24th, 2010 11:50 PM

All times are GMT -4. The time now is 04:15 AM.

Copyright © 2016 by All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts

Page generated 2016-10-23 in 0.08 seconds with 19 queries on phoenix via your IP