Don't blame OPEC, group says of Trump criticism

Trump’s order for OPEC to reduce prices is insulting – Iranian oil minister

Iran's oil minister says there has been no significant change in the country's oil production and export despite USA pressures.

He further said the anti-Iran efforts by the USA president were largely to blame for the high oil prices in global markets.

On Wednesday Trump took to Twitter to accuse Opec of "driving prices higher" and insisted there "must be a two way street".

Zanganeh said that exerting pressure as such was against the principles of the Organization of the Petroleum Exporting Countries (OPEC) in which both Saudi Arabia and Iran are founding members.

There have been reports that Saudi Arabia has boosted its oil production by nearly half a million bpd in June, and the UAE has spare capacity of between 400,000 and 600,000 bpd, Al-Mazrouei said, adding that OPEC as a whole has enough spare capacity to offset any shortage. This, the Iranian minister warned, would only disrupt the market by increasing concerns among producing countries that would see their sovereignty threatened as a result of the USA pressure.

"Every day, Mr. Trump has a new message or remark that causes concern in the market, or he gives OPEC members orders that are very insulting", or demands other countries increase their production, Zanganeh said.

Trump has lashed out at OPEC producers to reduce prices, making a claim - later backtracked by the White House - in a tweet on Saturday that Saudi Arabia had agreed to increase oil output by up to 2 million barrels.

"It's an insult to the people and national sovereignty of these countries and it also destabilises the market", he added.

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