CNNFN writes article about Iran calls Saudi oil production freeze a ‘joke’:
by Matt Egan @mattmegan5 February 23, 2016: 12:29 PM ET
What the heck is OPEC?!
What the heck is OPEC?!
The world’s oil powers remain deeply at odds.
Iran’s oil minister Bijan Zangeneh on Tuesday called the Saudi
Arabia-led idea for countries to freeze production a “joke,” according
to Iranian state broadcaster Press TV.
Iran’s mocking of the oil freeze came at the same time as the top Saudi
oil official was in the U.S. trumpeting the idea.
“The freeze is the beginning of a process,” Saudi oil minister Ali
al-Naimi said during a highly-anticipated speech on Tuesday at the IHS
CERAWeek oil conference in Houston.
“Maybe not all of them, but most of the countries that count will
freeze,” al-Naimi said, adding that meant Iran as well.
The latest infighting within OPEC dashed hopes on Wall Street that oil
countries would ease the epic supply glut crashing the oil market.
Oil plunged 5% to $31.75 a barrel following the Iranian official’s
comments.
Iran has been on a mission to ramp up oil production now that
sanctions have been lifted. But Iran’s return couldn’t have come at a
worse time for an oil market already drowning in excess supply.
CNNFN Article Source Here.