LONDON, Sept 15 (Reuters): Iran's OPEC governor said on Saturday that Saudi Arabia and Russia have taken the oil market "hostage" as US President Donald Trump seeks to impose fresh sanctions on Iranian oil sales.
Washington wants to cut Iran's oil exports to zero by November, and is encouraging producers such as Saudi Arabia, other OPEC members and Russia to pump more to meet the shortfall.
"Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran's share," Hossein Kazempour Ardebili was quoted as saying by SHANA, the oil ministry's news agency.
"Trump's efforts to cut Iran's access to the global crude market has prompted Russia and Saudi Arabia to take the market hostage," he said.
Kazempour Ardebili told Reuters on Friday that the United States will find it difficult to cut Iran's oil exports completely as the oil market is already tight and rival producers cannot make up the shortfall.
On Saturday he accused Moscow and Riyadh of welcoming sanctions against Iran for their own gain, and warned that such actions would damage the credibility of OPEC.
"Saudi Arabia and UAE are turning the OPEC into a US tool," he said.
China and markets welcome US invitation for trade talks under pressure from Trump to lower oil prices, the Organisation of the Petroleum Exporting Countries (OPEC) and allies agreed in June to boost production, having participated in a supply-cutting deal in place since 2017.
While OPEC production has increased since then, Saudi Arabia has added less crude than it initially indicated.
An earlier report says, the US will find it difficult to cut Iran's oil exports completely as the oil market is already tight and rival producers cannot make up the shortfall, a top Iranian official said on Friday.
Washington is seeking to cut Iranian oil exports to zero by November as it reimposes sanctions, and is encouraging other producers such as Saudi Arabia, other OPEC members and Russia to pump more to meet the shortfall.
Even so, the expected loss of Iranian oil, declining supply from another OPEC member Venezuela and other outages are boosting crude prices, which this week hit $80 a barrel, the highest since May.
Iran's OPEC governor Hossein Kazempour Ardebili, said in comments to Reuters that a "supply shortage" meant that the United States would not be able to meet its zero export target.
"There is no spare capacity anywhere," he said.
A long-time adviser at Saudi Arabia's Energy Ministry also said last month that current US sanctions on Iran were unlikely to stop Iranian oil exports completely.
Another report from Moscow adds: Saudi Arabia, the United States (US) and Russia can between them raise global output in the next 18 months to compensate for falling oil supplies from Iran and elsewhere, US Energy Secretary Rick Perry said on a visit to Moscow on Friday.
US sanctions on Iran's oil exports, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere could push up crude prices, hurting consumers.
But Perry, in an interview with Reuters, said he felt comfortable about the outlook for global crude output, and for oil prices.
"I don't foresee spikes," Perry said, although he added there was always the potential for unforeseen events.
Some analysts have expressed concerns about Saudi Arabia's long-term ability to significantly boost output.
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