Iran tells Trump his tweets raised oil price

Marcus Newton
July 6, 2018

In response to Trump's remarks, Iran's OPEC representative urged the president to "please stop" tweeting about lower oil prices, according to a Reuters report.

Your tweets have driven the prices up by at least $10/[barrel].

On Wednesday, an Iranian Revolutionary Guards commander said Tehran might block oil shipments through the Strait of Hormuz.

The OPEC Monopoly must remember that gas prices are up & they are doing little to help. The president said the USA defends many OPEC member states, insinuating that as a returned favor, these nations should cave to Washington's demands. Saudi Arabia agrees with Trump on the importance of keeping prices down but has not committed to increasing output sufficiently.

The major story remains the looming supply shortages due to US sanctions against Iran. You impose sanctions on major producers, founders of OPEC. "Since when did you start ordering OPEC", he said, according to Shana.

Iran's OPEC governor, Hossein Kazempour Ardebili, accused the United States and Saudi Arabia of trying to push up oil prices and said both countries are acting against the foundation of OPEC.

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Ardebili declared, "OPEC has not defined oil prices for the past 30 years".

Brent crude futures fell 25 cents, or 0.3 percent, to $77.14 per barrel by 0317 GMT from their last close.

Financial institutions and experts have also pointed to Trump for driving up global prices.

Oil prices rose on Tuesday after Libya declared force majeure on some of its crude exports, while the loss of Canadian supplies helped lifted USA crude to 3-1/2-year highs. "Perhaps one of the USA president's advisors should explain this to him", the German financial institution added. Gasoline prices are far from the only influence on voters' opinions, with other issues such as immigration policy and the environment also factoring in.

"Trump's demand that Iranian oil should not be bought, and (his) pressures on European firms at a time when Nigeria and Libya are in crisis, when Venezuela's oil exports have fallen due to USA sanctions, when Saudi's domestic consumption has increased in summer, is nothing but a self harm", he was quoted as saying by Reuters.

A USA government report also weighed on prices this week, showing crude stockpiles rose by 1.3 million barrels, while analysts had forecast a decline.

Other reports by MaliBehiribAe

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