January 17, 2012
Iran’s foreign minister has warned oil exporting countries against making “unfriendly” statements about boosting output if Iran’s exports of 2.2 million barrels a day are hindered by international sanctions.
Iranian Foreign Minister Ali Akbar Salehi issued the statement after Saudi Oil Minister Ali al-Naimi told CNN his country is ready to boost oil production to make up any shortfalls due to sanctions on Iran.
“The remarks of the Saudi minister, if really reflect Riyadh’s official views, are not a friendly sign to Tehran,” the IRNA news agency quoted Salehi as saying. “Tehran advises the Saudi officials to react to regional issues in a more rational way.”
Saudi Arabia’s proven oil reserves are more than double those of Iran, its nearest competitor within OPEC. Al Naimi said his country has “substantial spare capacity” since it is producing some 9.4-9.8 million barrels per day, but has the capacity to produce 12.5 million barrels.
This article was posted: Tuesday, January 17, 2012 at 10:45 am