INTERNATIONAL - Iran slams Trump's 'interfering' remarks on OPEC

INTERNATIONAL - Iran slams Trump's 'interfering' remarks on OPEC

"Every day, Mr. Trump has a new message or remark that causes concern in the market, or he gives OPEC members orders that are very insulting", or demands other countries increase their production, Zanganeh said.

Zanganeh added the United States president's order is an insult to the national sovereignty of these independent governments and nations.

As India mulls to cease oil imports from Iran and rather import crude oil from Saudi Arabia and the US, Iran has issued stringent warnings to India.

Last Saturday, Trump said Saudi Arabia had pledged to increase its oil output by 2 million barrels per day "to compensate for falling output in Venezuela and Iran".

Perhaps no one told him that Iran was a founding member of OPEC?

This is already seen as part of a political campaign by the United States to pressure the kingdom to ramp up oil production quickly to make up for the loss of Iranian barrels which the Trump administration has threatened to bring down to zero. "Some of the companies are trying to find other options other than Iran, be it the kingdom (Saudi Arabia), Emirates, Iraq or Kuwait", he said.

Saudi Arabia's total supplies to the market in June were even higher than well-head production, the sources said, suggesting the Kingdom sold crude from storage.

More news: Cheeky Princess Charlotte hilariously puts christening photographers in their place
More news: Thai cave rescue: Boys in quarantine at hospital unable to see family
More news: How to use USB Restricted Mode on your iPhone or iPad

Firms that were doing business in Iran were given up to 180 days to wind up investments, otherwise, they risk huge fines, it said.

Global oil prices LCOc1 have climbed steadily this year, helped by rising demand, and topped $80 per barrel in May for the first time in 3-1/2 years.

Iran, OPEC's third-largest producer, is facing USA sanctions on its oil exports that are prompting some buyers to cut purchases.

"If the US government were to relax regulations on offshore oil resources and expedite having companies develop oil resources that are on federal land, then the USA would not almost be as dependent on OPEC as it now is", says Robert Murphy, an economist at the Institute for Energy Research.

Washington said in May it was walking away from an global deal on Iran's nuclear programme, and said it would impose fresh sanctions on Iran's energy sector.

Now, President Trump is threatening sanctions against any country that continues to do business with Iran.

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

Related Articles