Iran accuses Donald Trump of destabilizing the oil market
Iran today accused US President Donald Trump of destabilizing the oil market with his flurry of tweets taking aim at the OPEC cartel. "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, Iranian Oil Minister Bijan Namdar Zanganeh said.
Oil prices depend on Trump's behavior, says Zanganeh
"These days... the (oil) price is dependent on the behavior of Mr. Trump," Minister Zanganeh said, adding that it's an insult to the people and national sovereignty of these countries and it also destabilizes the market.
Gas prices up, OPEC Monopoly doing little to help: Trump
Trump had said, "OPEC Monopoly must remember that gas prices are up & they're doing little to help." He has repeatedly urged OPEC, which includes key US ally Saudi Arabia, to raise its production. OPEC and other producers including Russia agreed last month to boost output by around 1 million barrels/day, reversing course after supply cuts that cleared a global glut and boosted prices.
Iran faces renewed sanctions over Trump's decision
The move came as Iran, an OPEC member, faces renewed sanctions over Trump's decision to quit the international nuclear deal with Tehran, which has added to supply concerns on world markets.
