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Iran plays a special role in returning a comparative authority to OPEC

Iran's oil diplomacy terminated the Saudi dumping

Service : Politic
A member of energy commission in the Iranian Parliament emphasizing that Iran's oil diplomacy terminated the Saudi dumping, said: Iran plays a special role in returning a comparative authority to OPEC, this effective and economic body.
Sunday, October 02, 2016 12:00:28 PM
Iran's oil diplomacy terminated the Saudi dumping

Islamic Consultative Assembly News Agency – "Falling oil prices and declining oil revenues of Saudi Arabia were the causes of compliance with OPEC ceiling from the Saudis; Saudi oil dumping was a cause for equity of income from selling four million barrels in the past and the income from selling twelve million barrels at the present time" said Habibollah Keshtzar - politically independent MP representing Behbahan, Aqajari and Sardasht Zeidoon electoral district – about OPEC's decision on the need to determine oil production ceiling.

While the Saudis have sought to score a point at the Algeria meeting through political maneuvering, many observers believe it is rather Iran which has a strong hand.

Saudi Arabia faces a second year of record budget deficits while Iran’s budget is leveling out as it is emerging from years of sanctions.

According to the International Monetary Fund estimates, Saudi Arabia will suffer a fiscal deficit equal to 13.5% of gross domestic product this year, compared with one of less than 2.5% of GDP for Iran.

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