Iran says Trump 'destabilising' oil market

08 July 2018, 01:39 | Andres Norman

Saudi Arabia, Russia Agree to Continued Oil Market Coordinations

Global outages overshadow underwhelming OPEC output hike

In addition to reducing the price of its August barrels, Saudi Arabia also told the Organization of the Petroleum Exporting Countries (OPEC) that it increased production by nearly 500,000 barrels per day last month.

South Korea halted all Iranian oil shipments in July for the first time in six years amid U.S. pressure.

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".

Brent crude futures were at $77.82 per barrel, up 6 cents from their last close.

Bijan Zanganeh condemned the United States president for trying to politicize the decisions of the Organization of the Petroleum Exporting Countries (OPEC). This must be a two way street.

However, oil prices have shot up and Trump, anxious about the impact on USA voters ahead of November midterm elections, is appealing to the Saudis for help.

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.

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"With contentious midterm U.S. elections looming, the President continues to strong-arm Saudi Arabia to increase oil supplies which, at least for now, is containing price action below WTI $75 per barrel", said Stephen Innes, Head of Trading for Asia/Pacific at futures brokerage OANDA.

Iran's Oil Minister Bijan Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna, Austria, June 22, 2018.

OPEC together with a group of non-OPEC producers led by Russian Federation started to withhold output in 2017 to prop up prices.

OPEC agreed with Russian Federation and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers.

In the wake of threats from the United States (US) to reduce its oil revenue to zero, Iran has flouted plans of purchasing goods only from countries that import its oil.

Even so, renewed USA sanctions on Iran against its oil exports look set to tighten supply further.

An Iranian Revolutionary Guards commander said on Wednesday that Tehran might block oil shipments through the Strait of Hormuz, a major route for transporting crude in the Gulf.



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