Economy

Trump says OPEC manipulating oil market, warns Europe on Iran

Trump says OPEC manipulating oil market, warns Europe on Iran

He said in the Fox interview that European companies would face sanctions if they traded with Iran now.

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

At the same time, Iranian Oil Minister Bijhan Zanganeh reminded Riyadh that "any increase in the production by any member country beyond commitments stipulated in OPEC's decisions. would constitute a breach of the agreement".

The letter, published by the Iranian Oil Ministry's SHANA news agency, did not directly name Saudi Arabia, Iran's Mideast rival, but the ultraconservative kingdom was clearly its target.

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump wrote on Twitter. "As we are all in agreement to depoliticize our efforts in the OPEC, we should not let others take politicized measures targeting OPEC's unity and independence".

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018.

More news: Ronaldo, Portugal unable to continue great run at World Cup

Oil prices have edged higher as the Trump administration has pushed allies to end all purchases of oil from Iran following the US pulling out of the 2015 nuclear deal.

Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

"Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way", First Vice President Eshaq Jahangiri told an economic event in Tehran broadcasted live on state television.

"The [Iranian] government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", Jahangiri said.

Trump said on Fox News' "Sunday Morning Futures" that European companies will face consequences as a result of the US withdrawing from the Iran nuclear deal. It's awful what they do to us, he said.


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