Published: Wed, July 11, 2018
Economy | By Shawn Conner

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

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

Iran on Saturday accused US President Donald Trump of destabilising the oil market with his flurry of tweets taking aim at the OPEC cartel.

President Trump's response has been to demand that OPEC boost its oil production by two million barrels per day to calm markets and bring prices down.

Trump's order for oil producing countries to raise output "is very insulting to the people of these countries and would undermine their national sovereignty and destabilize the oil market", he said. "The OPEC monopoly must remember that gas prices are up and they are doing little to help..."

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.

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According to Shabooneh, a local news website, three other individuals were also released on bail after receiving similar charges. Instagram, like many other social networks (Facebook, Twitter , YouTube, Telegram), undergo periodic interlocks in the country.

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

He added that 1.2 million Iranian barrels a day were off the market the last time Iran was sanctioned, but that was possible because USA shale drilling was growing at a rapid pace, demand was lower and Libyan output had come back to the market to make up for some of the Iranian output.

Oil prices rose on Monday as investors focused on tight market conditions after data late last week showed USA crude inventories fell to their lowest in more than three years. It said that the United States was "not granting waivers" to any country which was in business with Iran.

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.

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According to the site, George was said to be hit by a auto which suddenly changed direction at a spot close to a hotel. Sardinia is a large Italian island in the Mediterranean Sea and is over 500 miles from Clooney's villa in Lake Como .

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

Zanganeh added that Iran had already devised a plan to counter Trump's threats, and that the plan was working successfully.

Concerns that oil prices will be weighed down by a trade conflict between the USA and China have faded to some extent, analysts said.

South Korea has bought almost 296,000 barrels of oil from Iran in the first five months of the year, and is the biggest buyer of Iranian oil after China and India.

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Monday, and it is unclear how much of the last-minute maneuvering is geared to keeping the president's choice a secret. Those closed-door visits will be carefully choreographed, but they're unlikely to change very many hearts and minds.

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