Published: Mon, July 09, 2018
Money | By Ralph Mccoy

Iranian oil minister calls Trump's order to OPEC insulting

Iranian oil minister calls Trump's order to OPEC insulting

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.

At the same time, the U.S. president has been exerting pressure on his European allies to stop buying Iranian oil.

"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.

Trump accused on Wednesday the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged USA allies such as Saudi Arabia to pump more if they wanted Washington to continue protecting them against their top foe Iran.

On Wednesday Trump took to Twitter to accuse Opec of "driving prices higher" and insisted there "must be a two way street".

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Zanganeh called the tension between Tehran and Washington a "trade war" and said it had not led to changes in Iranian oil production and exports.

Zanganeh said Iranian oil production and exports had not changed as a result of US pressure.

He added that OPEC principles would never allow political pressures to change the directions of the market.

Foreign ministers from the five remaining signatory countries offered a package of economic measures to Iran on Friday to counter the United States sanctions, but Tehran said the package did not go far enough. This is already seen as part of a political campaign by the USA 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.

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