Trump’s tweets driving up oil prices

TEHRAN, Jul. 05 (MNA) – Iran's representative to OPEC taunted US President Donald Trump for its “despicable” tweets addressing OPEC, saying if Trump does not stop tweeting, oil prices will go even higher.

Hossein Kazempour Ardebili taunted Donald Trump for his lack of knowledge about global oil markets by ordering OPEC to reduce oil prices, saying “for the past thirty years, OPEC has had no role in determining global prices for crude oil, but rather it is financial markets and regional hubs that have an impact on oil prices.”

He addressed Trump by saying that the global oil market currently does not have sufficient amount of oil to supply US, adding “you are putting pressure on those OPEC member states that you claim to be your allies.”

“Our Muslim brothers in Saudi Arabia are an educated and mature nation that will not allow you to treat them like that and order them around,” Kazemour said, adding “you are actually discrediting them and undermining their sovereignty, we expect you to be more polite.”

He went on to add, “we may have some differences with our brothers in Saudi Arabia, but we have learned how to live next to each other. You want to exacerbate these differences, but I advise you to join the Vienna talks on Friday.”

The Iranian OPEC governor’s remarks came in response to Donald Trump’s tweet in which he hammered on OPEC to reduce oil prices, saying the Organization of Petroleum Exporting Countries is “doing little to help” reduce US gasoline costs; “If anything, they are driving prices higher as the United States defends many of their members for very little $’s,” Trump tweeted on Wednesday.

Meanwhile, Iranian Oil Minister Bijan Zanganeh has called on OPEC not to let US take politicized measures targeting OPEC's unity and independence. In a letter sent to OPEC President HE Suhail Mohamed Al Mazrouei, Zanganeh maintained that "any unilateral production increase beyond Member Countries' commitments under the OPEC's decisions would prompt US to take actions against Iran."

Zanganeh voiced regret that unilateral behaviors in production increase by some Member Countries is weakening the very foundation of OPEC.


News Code 135427


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