Iran’s Opec representative has told other members of the oil cartel that they will be “held as main culprits” if they raise production to offset US and EU sanctions against Tehran, the FT reports. Saudi Arabia’s oil minister had promised to keep oil flowing to its customers only the day before, but made no direct reference to Iran sanctions, says Reuters. The kingdom could produce 12.5m barrels per day if necessary, up from the current 10m barrels per day, Ali Naimi added. Brent crude for March delivery rose $1 to $111 a barrel early in Monday trading, Bloomberg reports.

This entry was posted by Joseph Cotterill on Monday, January 16th, 2012 at 9:10 and is featured in The Lunch Wrap (16 Jan 2012) . Tagged with iran, oil, sanctions. Edit this entry.