Iran: Trump ‘hooliganism’ will not lower oil prices
-
Uncertainty over supplies amid US sanctions on Iran and other producers has pushed oil prices to record four-year highs
Iran’s Oil Minister Bijan Zanganeh says there is no spare capacity left for oil producers to pump more, dismissing US President Donald Trump’s pressure on OPEC to ramp up output to bring down prices.
“Trump thinks he can bring down oil prices with hooliganism,” IRNA news agency quoted him as telling an oil and energy conference in Tehran Tuesday.
“None of the producers is capable of producing more. Saudi Arabia is using its reserves and is currently facing a political challenge” in the wake of prominent journalist Jamal Khashoggi’s disappearance, Zanganeh added.
The US president wants the Saudis to boost output to prevent oil prices from spiking ahead of midterm elections, potentially undermining the kingdom’s place among two dozen oil-producing nations which may think Riyadh is doing Washington's bidding at their expense.
“The United States imposes its own conditions on the oil market, asking others to fix their problems,” Zanganeh said.
“One has to tell them, ‘You don’t need to stick needles in yourselves.’ Remove sanctions and let prices settle down and the market move out of imbalance,” he added.
The Iranian oil minister’s remarks came after he met Russian Energy Minister Alexander Novak late Monday in Moscow where the two discussed the market situation and US sanctions on Iran’s oil sector which will go into effect on November 4.
EA
