Published: Wed, July 11, 2018
Money | By Ralph Mccoy

Iranian minister: Donald Trump’s order to OPEC ‘insulting’

Iranian minister: Donald Trump’s order to OPEC ‘insulting’

"The OPEC monopoly must remember that gas prices are up and they are doing little to help..." Now after the USA pulled out from the Iran Nuclear Deal, India has been in a dilemma over India-Iran trade especially that of oil.

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. And Saudi Arabia recently agreed to increase production by two million barrels per day, according to a White House statement.

"Trump's order to OPEC members to increase production is a great insult to those governments and nations, and destabilises the market". "But these do not include the US, China, Europe, Japan."Rising oil prices have stabilised Saudi Arabia's foreign exchange reserves, they added, after a $US250 billion drop in the last three years".

OPEC and other producers including Russian Federation 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. But if anything, Trump's bluntness is refreshing: if, as he suggests, the goal of the United States military - with a yearly total budget of a trillion dollars - is to protect OPEC members in exchange for "cheap oil", how cheap is that oil?

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

Iran snapped back at the accusation of OPEC price gauging, accusing Trump of creating market uncertainty and raising oil prices with his tweets.

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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 U.S. pressure. "In contrast, we now project global oil supply and demand balances to remain in a structural deficit for most of the next six quarters", he wrote.

In July, South Korea halted all Iranian oil shipments for the first time in six years amid United States pressure.

U.S. energy companies this week added oil rigs for the first time in three weeks but the rate of growth has slowed over the past month or so with a decline in crude prices from late May through late June.

"The embassy of the Republic of Korea denies any claims that it would not lift any Iranian crude and condensate in July", the South Korean embassy responded to the report.

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