BCN-32 Iran says Trump ‘destabilising’ oil market

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ZCZC

BCN-32

IRAN-US-OIL-DIPLOMACY

Iran says Trump ‘destabilising’ oil market

TEHRAN, July 7, 2018 (BSS/AFP) – Iran on Saturday accused US President Donald
Trump of destabilising the oil market with his flurry of tweets taking aim at
the OPEC cartel.

“These days… the price is dependent on the behaviour of Mr. Trump,”
Iranian Oil Minister Bijan Namdar Zanganeh said on state television.

“Every day, Mr. Trump has a new message or remark that causes concern in
the market, or he gives OPEC members orders that are very insulting,” or
demands other countries increase their production, Zanganeh said.

“It’s an insult to the people and national sovereignty of these countries
and it also destabilises the market,” he added.

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”.

He has repeatedly urged the Organization of the Petroleum Exporting
Countries (OPEC) — which includes key US ally Saudi Arabia — to raise its
production.

OPEC and other producers including Russia 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.

The move came as Iran — an OPEC member — faces renewed sanctions over
Trump’s decision to quit the international nuclear deal with Tehran, which
has added to supply concerns on world markets.

BSS/AFP/SR/1830 HRS