US President Donald Trump ‘destabilising’ oil market, says Iran

US President Donald Trump ‘destabilising’ oil market, says Iran

On June 30, Trump said Saudi Arabia had pledged to increase its oil output by two million barrels per day "to compensate for falling output in Venezuela and Iran", Xinhua news agency reported.

"We are working to minimize disruptions to the global market, but we are confident that there is sufficient global spare oil production capacity", Brian Hook, the director of policy planning, said on July 2.

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

Iran's oil minister on Saturday accused US President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of US pressure.

"However, bringing all its spare capacity into play would incur a significant cost, while production would take time to bring fully online; increasing crude output from 11 million to 12 million barrels per day would likely take in the order of six to 12 months to fully ramp up", the analysts added.

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

In a related development, officials from Shandong Dongming Petrochemical Group, China's largest private refiner, said the firm has bought a 1.9-million barrel cargo of Kuwaiti crude oil for end-July loading, the first of its kind since the plant started importing the commodity in 2015. He said that Iran has helped India significantly on strategic issues like energy and connectivity yet India has not kept up its promises of investment in the Chahbar port.

Martinez: France's Henry is missing ingredient for Belgium
Belgium and France are considered the top two teams left in the World Cup. "He's somebody I really appreciate", Deschamps said. It was a deserved win by Didier Deschamp's team, which had 19 shots, 10 more than Belgium .

Iran plans to reduce its global trade relations only to countries that buy its crude oil, an Iranian MP told Iranian media.

Iran, OPEC's third-largest producer, is facing United States sanctions on its oil exports that are prompting some buyers to cut purchases.

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.

South Korean buyers of Iranian crude and condensate are SK Energy and SK Incheon Petrochemical, owned by SK Innovation, Hyundai Oilbank Corp and Hanwha Total Petrochemical Co.

Mazrouei said OPEC was willing to listen to major oil-producing countries, including the United States.

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

Related Articles