Iran says no major change in oil exports despite United States pressure

Narendra Modi and Donald Trump

Iran's oil minister on Saturday accused U.S. President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding Iranian oil production and exports had not changed as a result of U.S. pressure.

Even before the OPEC and friends meeting, Russian Federation had already started boosting its oil production, and had pumped as much as 11.09 million bpd in the first week of June-143,000 bpd above the country's then-quota under the OPEC+ production cut deal.

Last month, Russian Federation and OPEC's largest producer and de facto leader Saudi Arabia managed to get OPEC and their Moscow-led non-OPEC allies to agree to boost production by unspecified quotas for individual countries part of the pact, to "ease market and consumer anxiety" over the high oil prices.

Bijan Zanganeh condemned the USA president for trying to politicize the decisions of the Organization of the Petroleum Exporting Countries (OPEC).

"Trump sends every day a new message that creates uncertainty in the oil market", Bijan Zanganeh said in an interview with Iranian broadcaster IRIB.

Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran.

Zanganeh said Iranian oil production and exports had not changed as a result of US pressure.

The move came as Iran - an OPEC member - faces renewed sanctions over Trump's decision to quit the worldwide nuclear deal with Tehran, which has added to supply concerns on world markets. The top Iranian official emphasized that Tehran will resist United States measures and will safeguard its market share by all means. "Reduce pricing now!" the USA leader tweeted.

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