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Oil price has surged to one-month high after OPEC agreed to reduce its output by more than 1 million barrels a day.
Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei says the decrease in global oil prices was leverage to exert pressure on countries that are independent from the United States.
In an article, Bloomberg has discussed the recent developments in the oil market, particularly the rivalry between Iran and Saudi Arabia.
Iran’s parliament has reportedly given the go-ahead to the government to put a new oil contract model into effect.
After a considerable temperature rise, Saudi Arabia’s crude oil exports have dramatically declined as the country’s power plants must consume higher amounts of crude oil to cope with the increased demand of the hot season.
Iranian Minister of Petroleum Bijan Zangeneh said Tehran supports any move to stabilize the situation in the international crude oil market and improve the price of the product.
A meeting of oil and energy ministers of Iran, Iraq, Venezuela, and Qatar started here on Wednesday to discuss solutions to save the global crude oil prices to stabilize the market.