Trump blasts OPEC over manipulating oil markets

Sean Reid
July 3, 2018

Still, Iran vowed on Sunday to defeat U.S. efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the worldwide oil market.

Iran will allow private companies to export crude oil, part of a strategy to counter USA sanctions, and is urging fellow OPEC members, including regional rival Saudi Arabia, not to break output agreements, state media and officials said on Sunday.

That is the "road map for the better deal" that the USA is seeking, he said.

Brian Hook, the State Department director of policy planning, said on Monday that he and the Treasury under secretary for terrorism and financial intelligence, Sigal Mandelker, would be leaving for the Gulf region "in the coming days", accompanied senior officials, to co-ordinate efforts on Iran.

"Member nations of the Organisation of Petroleum Exporting Countries (OPEC) and the leading non-OPEC oil producer Russian Federation, should maintain the Algiers Pact they forged in September 2016 so that oil prices will continue to ramp up", Sonatrach CEO Abdelmoumen Ould Kaddour said.


Trump is pressuring allies to stop buying Iranian oil as a tactic to make Iranian leaders negotiate a new nuclear deal, after he pulled out of the 2015 agreement two months ago.

"We're not granting waivers", the official said.

Jahangiri greeted Trump's comments with derision, saying: "They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets".

"Anyone trying to take away Iran's oil market (share) would be committing great treachery against Iran and will one day pay for it", Jahangiri warned in an open reference to Saudi Arabia.

U.S. production has soared 30 per cent in the past two years, to 10.9 million bpd, meaning the world's three biggest oil producers now churn out nearly 11 million bpd each, meeting a third of global oil demand.


An oil tanker is loaded at a Saudi Aramco refinery and terminal in Ras Tanura, Saudi Arabia, in May.

Speaking in a ceremony to celebrate the national day of industry and mine, the official said that Iranian crude will be offered on the bourse and the private sector can export it, IRNA reported.

"It depends on the conduct of other governments", Bolton said.

Without naming Saudi Arabia, Zangeneh wrote "any increase" in production by any member state "beyond commitments stipulated in OPEC's decisions. would constitute (a) breach of the agreement".


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