Iran threatens to start oil war with Saudi Arabia

Source : http://vestnikkavkaza.net/m/a/48343

Iranian Minister for Petroleum Bijan Zanganeh has threatened Saudi Arabia that it will start selling oil for $20 per barrel, News.ru reports.Tehran is unhappy with OPEC’s decision to keep oil extraction at 30 million barrels per day, forcing Riyadh to increase extraction to compensate reduction at other members of the organization.Zanganeh said in Vienna that Iran will extract 4 million barrels a day, even if the prices drop to $20 per barrel. Iran is currently extracting 2.7 million barrels a day.Iran is holding negotiations with Saudi Arabia to persuade it to reduce oil extraction. Concessions from Saudi Arabia would ease sanctions in the context of the agreement signed by Iran and six mediators on November 24.Iraq wants to increase oil extraction to be increased from 1 to 4 million barrels a day.Iranian Minister for Petroleum Bijan Zanganeh has threatened Saudi Arabia that it will start selling oil for $20 per barrel, News.ru reports.Tehran is unhappy with OPEC’s decision to keep oil extraction at 30 million barrels per day, forcing Riyadh to increase extraction to compensate reduction at other members of the organization.Zanganeh said in Vienna that Iran will extract 4 million barrels a day, even if the prices drop to $20 per barrel. Iran is currently extracting 2.7 million barrels a day.Iran is holding negotiations with Saudi Arabia to persuade it to reduce oil extraction. Concessions from Saudi Arabia would ease sanctions in the context of the agreement signed by Iran and six mediators on November 24.Iraq wants to increase oil extraction to be increased from 1 to 4 million barrels a day