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

Iran on Saturday accused US President Donald Trump of destabilising the oil market, saying he gives OPEC members orders that are “very insulting”.

“Every day, Trump has a new message or remark that causes concern in the market, or he gives OPEC members orders that are very insulting,” Iranian Oil Minister Bijan Namdar Zanganeh said on state television.

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

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

On Wednesday, Trump said in a tweet the “OPEC Monopoly must remember that gas prices are up and they are doing little to help”.

The US president has repeatedly urged the Organisation of the Petroleum Exporting Countries (OPEC) to raise its production. OPEC and other producers, including Russia, agreed in June to increase output by around a million barrels a day, reversing course after supply cuts that cleared a global glut and boosted prices.

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

(With inputs from AFP/PTI)