Oil prices at highest level in three years

Gladys Abbott
July 11, 2018

Besides, the anti-Iran efforts by the US president are largely to blame for the high oil prices in global markets, he added.

"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".

In his latest tweet on the subject on Wednesday, Trump said that the "OPEC Monopoly must remember that gas prices are up & they are doing little to help".

Trump has accused OPEC in recent weeks of driving gasoline prices higher and stepped up pressure on USA ally Saudi Arabia to raise supplies to compensate for lower exports from Iran.

Libya's national oil production fell to 527,000 barrels per day from a high of 1.28 million bpd in February following recent oil port closures, the head of the National Oil Corporation said in a statement on Monday.

He further added that Iran has always been an open market to India be it for petroleum, urea or other areas of energy cooperation and Iran has always understood what India needed.

Zanganeh called the tension between Tehran and Washington a "trade war" and said it had not led to changes in Iranian oil production and exports.

On Saturday, a petroleum ministry official told state-run IRNA news agency that the USA sanctions against Iran's oil exports will weaken the OPEC.

More news: World Cup Quarter-Final match report Russian Federation v Croatia 07 July 2018

Oil Prices reached the highest level on record on July 3, 2008, when crude sold at $145.29 a barrel.

Washington said in May it was walking away from an worldwide deal on Iran's nuclear programme, and said it would impose fresh sanctions on Iran's energy sector. It said that the United States was "not granting waivers" to any country which was in business with Iran.

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

"There might be a slight decline in Iran's oil sale, but different companies' secret purchase of Iran's oil can compensate it", he said. OPEC is seeking a balance between supply and demand, not targeting a crude price, he said.

Now, President Trump is threatening sanctions against any country that continues to do business with Iran.

Mazrouei said OPEC was willing to listen to major oil-producing countries, including the United States.

South Korean embassy in Tehran on Saturday denied that the country has stopped oil imports from Iran, IRAN Daily reported. "South Korea overall is lifting zero oil (from Iran) for July loading".

Other reports by LeisureTravelAid

Discuss This Article