Iran calls on OPEC members to ignore Trump

Iran calls on OPEC members to ignore Trump

/ Policy & Regulations / Tuesday, 25 September 2018 10:11

Iranian officials have issued a rallying call to its OPEC members to ignore threats being made by US President Donald Trump. The US President has been outspoken in relation to Iran hiking the price of its oil exports.

However, ahead of a meeting with OPEC members to discuss oil outputs, Iran’s Oil Minister, Bijan Namdar Zanganeh expressed his confidence that Trump’s comments would not affect the agenda proposed for the meeting.

He said, “I hope the outcome of this meeting will not be affected by President Trump's threats. “

Trump tweeted that the OPEC monopoly needed to reduce its oil prices and said that the Middle East would not remain safe for very long if the US withdrew its presence from the region. 

However, Iran’s Oil Minister hit back and pointed out that the OPEC is an organization that is independent from the United States.

He said, “The US President’s claim that America safeguards the security and survival of producing countries was the biggest insult to American allies in the region. OPEC is an organization independent of America and will hopefully stay so.”

However, the Algiers meeting of OPEC and non-OPEC ministers is expected to offer an increase in output to "offset Iran's production cut.

Output from Iran has hit its lowest level since July 2016, according to the International Energy Agency, as top buyers India and China continue to keep its distance from Tehran.

Trump has instructed OPEC members - primarily its Saudi Arabia, to raise production, and warned importers to stop buying oil from Iran or face the threat of American sanctions.

The US in May withdrew from the 2015 nuclear deal agreed with Tehran under the Obama administration and re-imposed sanctions on the Iranian economy - with a US embargo due to hit Iran's oil industry on November 4.

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