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

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

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.

Related News:



Most liked

Sebastian Vettel - Silly to suggest Kimi Raikkonen hit Lewis Hamilton on goal
Dutch 20-year-old Max Verstappen, victor in Austria last weekend, retired with a brake problem while running in fifth place.

Rudy Giuliani says Michael Cohen should cooperate with federal investigators
The biggest question hanging over the investigation right now is whether or not Trump will sit down with Mueller for an interview. Trump said he would be willing to testify under oath.

All ministers have to sell her Brexit plan
He said: "We may be on a journey, it may not be a journey however that Theresa May is capable of taking, given her party". Campaigners Will Dry (left) and Femi Oluwole speak to a police officer during a demonstration at Chequers.

Notable Traders Watch List: BHP Billiton Limited, (NYSE: BHP)
If we look at the Volatility of BHP Billiton plc (BBL ), Week Volatility is 1.84%, whereas Month Volatility is at 1.52%. Volatility is a rate at which the price of a security increases or decreases for a given set of returns.

Chris Froome crashes in dramatic Tour de France first stage
The dramatic pile-up capped another nervous finale to the race, with Mitchelton-Scott's Adam Yates among those to fall in the final 35km.

Turkey sacks 18,500 state employees in new decree
The government blames a US-based cleric for orchestrating the coup and has sacked or arrested people suspected of links to him. The current state of emergency ends on July 18, unless extended for another term by the president and approved by parliament.

Train derails in Turkey, scores dead and injured
Additionally, Turkish General Staff has also sent military helicopters to airlift the wounded passengers. The train derailed in a village in Tekirdag province.

Ant-Man and the Wasp Gets Really Big Opening Weekend
The 2018 box office as a whole, which just hit $6.5 billion, is up 9 percent from past year , according to ComScore. Internationally, Incredibles 2 debuted in France this weekend with an estimated $10.6 million (including previews).

Tropical storm Chris is third named storm of 2018 Hurricane season
It has been a mostly stationary storm so far, sustaining maximum wind speeds close to 45 miles per hour , but is expected to remain "well offshore" of the USA coast.

Giuliani says he's not anxious about Manafort or Cohen flipping
Trump's personal attorney Rudy Giuliani tells @GStephanopoulos : "Michael Cohen should cooperate with the government". Giuliani downplayed Cohen's statements and said he has no reason to believe Cohen has done anything wrong.

Hailey Got Bieber to Shave His Mustache
When it comes to Baldwin and Bieber it would appear that the term "casually dating" takes on a whole new meaning. Justin Bieber and Hailey Baldwin are reportedly engaged, according to media reports out moments ago.

Matteo Guendouzi to undergo medical TOMORROW
French publication RMC Sport has reported that the player will sign a deal at Arsenal at the start of this coming week. Should he move to the Emirates, Guendouzi could be joined in the Arsenal midfield by Uruguay worldwide Lucas Torreira.

Carmelo Anthony Leaving OKC Thunder: Will He Join LeBron James In LA?
The Towson Catholic graduate's relationship with the team has soured in the year since he was traded to Oklahoma City. Melo struggled to adapt to a new role as a power forward last season and as a lesser cog in his team's offense.

Karius '100 per cent' influenced by concussion - Klopp
The Premier League big spenders enjoyed a 25 points advantage over Liverpool by the end of the 2017/18 season. It's really not important what the people say.

Jordan Dajani: Who's Impressing Early On In The Summer League
And Thursday it was undrafted rookie out of Georgetown Marcus Derrickson who exploded for 24 points and 11 rebounds. He's averaging 16 points and seven assists so far in the Summer League and has hit some pretty ridiculous shots.