Iran says Trump 'destabilising' oil market

Iranian Oil Minister Calls Donald Trump's Order To OPEC Insulting

Iranian Oil Minister Calls Donald Trump's Order To OPEC Insulting

Crude oil could surge to more than $US120 a barrel, according to Bank of America Merill Lynch analysts, if the Trump administration were to order a complete cut-off of Iranian barrels before the end of the year.

Brent crude futures settled down 86 cents, or 1.1 percent, at $76.46 a barrel.

"Reduce pricing now!" the U.S. leader tweeted.

Two other sources said South Korea canceled July loadings of crude and condensate cargoes from Iran as it was uncertain whether the country would receive an exemption from USA sanctions on Iran trade.

Reuters in a report quoted estimates by the International Energy Agency (IEA) as showing that Saudi Arabia would have to pump an extra volume of at least 1 million barrels per day (bpd). "We will use a bartering system to exchange oil for goods".

Stringent sanctions on Iran will take both Saudi Arabia and the oil market into the unknown.

"In this game of chicken, we expect someone will blink before that happens", they wrote.


The president is right that oil prices are rising, and he's partly correct that OPEC is "doing little to help", insofar as OPEC isn't producing enough oil to cope up with market demand.

He said it's important to avoid bringing the market back to the kind of excessive supply that triggered the recent downturn. "There are things outside of our hands, the geopolitics as well as how much production is coming from the shale oil and Canadian sands".

During an interview with state television, Zanganeh on Saturday accused US President Donald Trump of insulting Organization of the Petroleum Exporting Countries (OPEC) by ordering it to increase production and reduce prices.

Saudi Arabia's total supplies to the market in June were even higher than well-head production, the sources said, suggesting the Kingdom sold crude from storage. Teheran is the third largest supplier of crude oil to India.It is also considered a gateway to Afghanistan as India gets access to the war-torn country through the Chabahar port.

"Mr. Trump sends every day a new message that creates uncertainty in the market", Zanganeh said, "Trump's order to OPEC members to increase production is a great insult to those governments and nations, and destabilizes the market".

Despite upside risks, analysts view that prices are in fact approaching the point where they are becoming a concern for consumers and also for producers. For the week, Brent fell 0.5 percent, while United States crude slipped 0.3 percent.

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