Don't blame Opec, oil producer group says of Trump criticism

11 July, 2018, 15:42 | Author: Regina Silva
  • An aerial view of an Iranian floating oil export terminal in the Persian Gulf

Now after the United States pulled out from the Iran Nuclear Deal, India has been in a dilemma over India-Iran trade especially that of oil.

Trump has accused OPEC in recent weeks of driving gasoline prices higher and stepped up pressure on US ally Saudi Arabia to raise supplies to compensate for lower exports from Iran.

OPEC agreed in June on a modest increase in oil production starting in July after its leader, Saudi Arabia, persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.

"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.

Last month, OPEC and Russian Federation agreed to boost production by a million barrels daily to reduce prices that had gotten uncomfortably high for the biggest importers.

President Trump's demand last week that OPEC "reduce prices now" or U.S. military protection of OPEC countries may not continue nearly sounded desperate. If Trump really wants to reduce oil prices in America, he should start there.

On Saturday, a petroleum ministry official told state-run IRNA news agency that the USA sanctions against Iran's oil exports will weaken the OPEC.

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On June 26, the U.S. Department of State said that it has been pushing countries to stop importing oil from Iran by November.

He added that OPEC principles would never allow political pressures to change the directions of the market.

And it would leave the global market tighter than at any time since the oil shocks of 1973/74 and 1979/80, with resulting upward pressure on prices.

Now, President Trump is threatening sanctions against any country that continues to do business with Iran.

South Korea has bought almost 296,000 barrels of oil from Iran in the first five months of the Iranian calendar year (starting on March 21), and is the biggest buyer of Iranian oil after China and India. OPEC is seeking a balance between supply and demand, not targeting a crude price, he said.

The cancellations mean South Korea will import no Iranian oil in August, the first month of zero imports since August 2012 when South Korean buyers put Iranian oil purchases on hold before getting a waiver to import limited amounts of Iran crude.

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