Finance

Trump Is "Main Culprit Of Oil Price Hikes, Market Destabilisation": Iran

Trump Is

And they're partly a self-inflicted injury: The administration's decision to pull out of the nuclear deal with Iran and reimpose sanctions on the country's oil exports starting in November has caused Iranian oil production to tumble, with follow-on effects on market prices.

Iran is the third biggest producer of oil in the Organization of the Petroleum Exporting Countries (OPEC).

Saudi Energy Minister Khalid al-Falih told CNBC on Sunday that Trump's claim on Twitter last week that OPEC is pushing oil prices higher and higher is "not true".

Several European diplomats said the SPV idea was to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands.

USA officials, including President Donald Trump, are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed OPEC to raise output.

Opec members do not have the capacity to increase production, Zanganeh said. US light was $1.25 higher at $72.03.

The updated report comes as U.S. President Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the United Nations General Assembly on Tuesday.

The so-called "Opec+" group, which includes Russia, Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group was in no rush to do so. The impending sanctions by the United States on Iran, the third-largest producer among OPEC, which will go into effect November 4, the rising domestic petrol and diesel prices, which touched new record highs in the backdrop of continued weakness in the rupee against the USA dollar, and the high crude oil prices that tend to widen the current account deficit for India, which meets more than 80 per cent of its oil requirement through imports, contribute to high oil prices.

Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said.

Trump blames that policy for pushing oil futures into a range between about $70 and $80 per barrel and keeping the national average gasoline price anchored near $3 a gallon. Analysts had expected a decrease of 1.3 million barrels.


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