Trump’s meddling could see oil prices skyrocket, says Iranian oil minister

Published: 26 Sep 2018 By Grace Kimberley

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Iranian oil minister Bijan Zanganeh has declared that Donald Trump’s interfering with the Middle East oil market could cause oil prices to soar.

President Trump has indicated leaders of the Islamic republic have been responsible for “chaos, death and destruction” across the Middle East and has affirmed he will punish their respective regions with trade barriers.

During a UN speech on Tuesday, Trump ordered the Organisation of the Petroleum Exporting Countries (OPEC) to pump more oil, adding that by failing to be “friendly” to the US, some regions may find themselves without aid from the west.  

Yet, Zanganeh insists Trump’s “meddling” in the middle eastern oil markets has brought instability to OPEC.

Zanganeh said: “Mr Trump is trying to seriously reduce exports of Iran's oil and ensure the price of oil does not go up, but these two cannot happen together.

“If he wants the price of oil not to go up and the market not to get destabilised, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran's oil.”

According to Zanganeh, Trump is behind the recent spikes in oil prices and has reminded the public that OPEC is already too stretched to broaden production.

He said: “Trump blames OPEC for what he has created and caused: the rise of the price of oil and disturbance in the market."

On November 4, Trump will release sanctions in order to stop oil exports from Iran, OPEC’s third-biggest producer, which is believed to be a key influencer in the recent increase of crude prices.

 

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