07.07.2018 | Iran oil price war: Trump is insulting us - Iran warns US is creating market uncertainty
Source - The Daily Express
Bijan Zanganeh,Iran’s oil minister, warned of a “trade war” after the Republican firebrand ordered the Organisation of the Petroleum Exporting Countries (OPEC) to increase production and reduce prices.
He warned that Iranian output and exports had not changed as a result of pressure from his US rival.
In a Twitter tirade yesterday, Donald Trump called for (OPEC to stop manipulating oil prices and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran.
In an interview with state television, Mr Zanganeh said: ”Mr Trump sends every day a new message that creates uncertainty in the market.
“Trump's order to OPEC members to increase production is a great insult to those governments and nations, and destabilises the market."
Mr Zanganeh described tensions between Tehran and Washington as a "trade war" and warned it would not lead to changes in Iranian oil production and exports.
Iran, OPEC’s third-largest oil producer, exported 2.28 million barrels a day of crude oil last month, according to the Oil Ministry.
Mr Trump recently warned of punishments for companies that purchase oil from Iran, which triggered a retaliation from President Hassan Rouhani who threatened to halt exports of oil to neighbouring countries.
"This must be a two way street. Reduce pricing now!"
In response, a senior Iranian official accused Mr Trump of sending prices even higher through his tweets.
Iran’s OPEC governor Hossein Kazempour Ardebili said: "Your tweets have driven the prices up by at least $10 per barrel.
"Please stop it, otherwise it will go even higher. You are hammering on good guys in OPEC.
"You are actually discrediting them and undermining their sovereignty. We expect you to be more polite.
"OPEC has not defined oil prices for the past 30 years, it's a financial market.
"You impose sanctions on major producers, founders of OPEC, and yet you are asking them to reduce the prices?
"Since when did you start ordering OPEC?"
Rising oil prices could create a political headache for Mr Trump before November's mid-term congressional elections.
They are likely to erode claims the President's tax cuts and rollbacks of federal regulations have boosted the US economy.