Do not blame OPEC, oil producer group reacts to Trump's criticism

Do not blame OPEC, oil producer group reacts to Trump's criticism

South Korea will not lift any Iranian crude and condensate in July for the first time since August 2012 amid US pressure to cut all imports of Iranian oil from November, three sources familiar with the matter said on Friday.

"Mr. Trump sends every day a new message that creates uncertainty in the market", Zanganeh said, "Trump's order to OPEC members to increase production is a great insult to those governments and nations, and destabilizes the market".

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

"These days. the price is dependent on the behaviour of Trump", Zanganeh said, adding he demands other countries to increase their production.

Hossein Kazempour Ardebili, Iran's ambassador to the OPEC, said the strong rhetoric by Trump against OPEC and oil producers could soon push up crude prices to as high as 100 US dollars per barrel. Find us on Facebook too!

Iran's petroleum minister said that "political issues should not interfere in the crude market, and supply and demand should determine the final oil price".


He further added that Iran has always been an open market to India be it for petroleum, urea or other areas of energy cooperation and Iran has always understood what India needed. And some of its major European allies have been working to prevent the 2015 deal from falling apart.

In Canada, an outage at the 360,000-barrel per day (bpd) Syncrude oil sands facility reduced flows into Cushing, Oklahoma, the delivery point for US futures.

Iran, OPEC's third-largest producer, is facing USA sanctions on its oil exports that are prompting some buyers to cut purchases. "We are telling relevant markets and countries, which will purchase our oil, that we will buy goods in case they purchase our oil", Asadollah Qarekhani, member of the parliamentary energy committee, said.

Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day.

Reuters in a report on Friday quoted familiar sources as saying that South Korea would not lift any Iranian crude and condensate in July, a claim that was denied by South Korean embassy in Tehran on Saturday.

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

Related Articles