Iran says Trump 'destabilising' oil market

11 July, 2018, 15:42 | Author: Eric Barnett
  • Iranian Oil Minister Calls Donald Trump's Order To OPEC Insulting

The Organization of the Petroleum Exporting Countries and other countries agreed earlier this month to a modest increase in output to dampen a rally in oil prices, which recently hit a 3-1/2 year high.

In his latest tweet on the subject on Wednesday, Trump said that the "OPEC Monopoly must remember that gas prices are up & they are doing little to help".

The move is part of Trump's withdrawal from the Iran nuclear deal, which previously eased economic penalties on the country as long as it curbed its nuclear weapons program.

United States energy companies this week added oil rigs for the first time in three weeks but the rate of growth has slowed over the past month or so with a decline in crude prices from late May through late June.

On Saturday, a petroleum ministry official told state-run IRNA news agency that the USA sanctions against Iran's oil exports will weaken the OPEC.

Iran's diplomat in Delhi said that if India stops importing oil from Iran then Iran will abrogate "special privileges" for India.

"There was pressure from the South Korean government to halt purchases", said the source familiar with Iranian shipping arrangements.


After pulling out of the Iran Nuclear Deal, the United States has asked India to stop importing oil from Iran.

"But some political measures and instabilities spark concerns in the oil market and increase its price, including Trump's insulting order to some OPEC members", Zanganeh said.

Brent crude futures settled down 86 cents, or 1.1 percent, at $76.46 a barrel.

US light crude futures were up 47 cents, or 0.7 percent, at $74.32.

MUFG Bank, a leading Japanese bank, said renewed geopolitical supply-side disruptions stemming from Canada, Iran, Libya, Venezuela and the U.S., raises the likelihood of oil trade interruptions and with it upside risks to oil prices in the near term. For the week, Brent fell 0.5 percent, while U.S. crude slipped 0.3 percent. Drillers added five oil rigs in the week to July 6, bringing the total count to 863. If the U.S. administration were to order a complete cutoff of Iranian barrels before the end of the year, oil could surge to more than $120 a barrel, analysts argued.

But according to the U.S. Energy Information Administration, the kingdom has not produced more than 10.42 million bpd on an annual basis (2016) or 10.63 million bpd in a single month (July 2016) in the last 20 years.

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