Iranian Oil Minister Calls Donald Trump's Order To OPEC Insulting
The Iranian OPEC governor had on Thursday taunted Trump for his tweets urging OPEC to reduce prices, saying the U.S. president's tweets have backfired, having driven the prices up by at least $10 per barrel.
OPEC is doing its best to offset supply disruptions around the world, but it has no intention of "overdoing it", Bloomberg reports, citing the cartel's president, UAE's energy minister Suhail al-Mazrouei.
Zanganeh said that exerting pressure as such was against the principles of the Organization of the Petroleum Exporting Countries (OPEC) in which both Saudi Arabia and Iran are founding members.
Iranian OPEC Governor Hossein Kazempour Ardebili told Reuters that Trump "should have expected" when blocking Iran's access to the global markets that it would end up as "hostage (to) Saudi Arabia and Russia", who he said had little vested interest in bringing down prices.
In an interview with state television, Iranian oil minister Bijan Zanganeh said: "Mr Trump sends every day a new message that creates uncertainty in the market".
"It's an insult to the people and national sovereignty of these countries and it also destabilises the market", he added.
There have been reports that Saudi Arabia has boosted its oil production by nearly half a million bpd in June, and the UAE has spare capacity of between 400,000 and 600,000 bpd, Al-Mazrouei said, adding that OPEC as a whole has enough spare capacity to offset any shortage. At the time, Saudi Arabia's Khalid al-Falih said the number was "nominal" since not all OPEC members had the spare capacity to boost production.
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