Trump’s order for OPEC to reduce prices is insulting - Iranian oil minister

09 July, 2018, 05:24 | Author: Eric Barnett
  • US President Donald Trump has been pressuring OPEC and in particular Saudi Arabia to ramp up output by as much as 2 million barrels a day

Zanganeh said that exerting pressure as such was against the principles of the Organization of the Petroleum Exporting Countries (OPEC) in which both Saudi Arabia and Iran are founding members.

Even before the OPEC and friends meeting, Russian Federation had already started boosting its oil production, and had pumped as much as 11.09 million bpd in the first week of June-143,000 bpd above the country's then-quota under the OPEC+ production cut deal.

Iran's oil minister has hit back at Donald Trump today over his demand for more production, branding the president's orders as an insult to the Organisation of the Petroleum Exporting Countries (Opec).

Trump recently said that Saudi Arabia had agreed to increase oil production by up to 2 million barrels per day (bpd) to moderate high prices.

"Trump sends every day a new message that creates uncertainty in the oil market", Bijan Zanganeh said in an interview with Iranian broadcaster IRIB.

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".

He further said the anti-Iran efforts by the U.S. president were largely to blame for the high oil prices in global markets.

South Korea halted in July all Iranian oil shipments for the first time in six years amid US pressure.

"I have not seen the package personally, but our colleagues in the foreign ministry who have seen it were not happy with its details", Zanganeh was quoted as saying by Tasnim news agency.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation for USA efforts to reduce Iranian oil sales to zero.

Zanganeh said Iran's stance on this issue was clear.



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