Iran oil sanctions need to be lifted for cutting oil prices

TEHRAN, Oct. 21 (MNA) – US sanctions on Iran and Venezuela's oil and gas need to be lifted if the world wants oil prices to decrease, says, the Turkish foreign minister.

Speaking at a news conference in the southern Mersin province, Foreign Minister Mevlut Cavusoglu dubbed the US criticism "bullying," as Ankara threw its weight behind Riyadh on the issue, Anadolu Agency reported.

"We are seeing that a country (the US) is threatening Saudi Arabia, and this bullying is not correct," he said.

Sanctions need to be lifted if the world wants oil prices to decrease, the top Turkish diplomat said, adding that the issue cannot be resolved by "threatening one country (Saudi Arabia)."

"The whole world needs Venezuela's oil and natural gas. There is also an embargo on Iranian oil … If you want oil prices to go down, lift sanctions,” he urged.

On Oct. 5, Saudi Arabia, which chairs the OPEC+ cartel, voted in favor of reducing oil output by about 2 million barrels per day, with the White House alleging that it not only lent its support but also worked diligently behind the scenes to ensure the bloc implemented them, putting pressure on other nations to fall in line.

While US President Joe Biden has vocally criticized the kingdom and warned of impending consequences, he has not revealed the nature of his response.

The cut also comes almost a month before the US midterm elections, which Democrats appear vulnerable to losing because higher gas prices in a country with rampant inflation are unlikely to boost their electoral prospects.

RHM/PR

News Code 192716

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