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Iran says Trump ‘destabilising’ oil market

Iran on Saturday accused US President Donald Trump of destabilising the oil market with his flurry of tweets taking aim at the OPEC cartel.

Iran

AFP |

Iran on Saturday accused US President Donald Trump of destabilising the oil market with his flurry of tweets taking aim at the OPEC cartel. “These days… the price is dependent on the behaviour of Mr. Trump,” Iranian Oil Minister Bijan Namdar Zanganeh said on state television.

He has repeatedly urged the Organization of the Petroleum Exporting Countries (OPEC) — which includes key US ally Saudi Arabia — to raise its production.

“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.

“It’s an insult to the people and national sovereignty of these countries and it also destabilises the market,” he added.

Read more: World powers back Iran oil exports despite US sanctions threat

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 has repeatedly urged the Organization of the Petroleum Exporting Countries (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 a million barrels a day, reversing course after supply cuts that cleared a global glut and boosted prices.

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.


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