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Iran’s oil minister has hit back at Donald Trump today over his demand for more production. branding the president’s orders as an insult to the Organization of the Petroleum Exporting Countries (OPEC).
In an interview with state television. Iranian oil minister Bijan Zanganeh said: `Mr Trump sends every day a new message that creates uncertainty in the market.`
Zanganeh added: `Trump’s order to OPEC members to increase production is a great insult to those governments and nations. and destabilizes the market.`
The oil minister also said that Iran. which is OPEC`s third-largest producer. has not changed its oil production and exports amid growing US pressure.
On Wednesday Trump took to Twitter to accuse OPEC of `driving prices higher` and insisted there `must be a two way street`.
The comments this morning follow on from yesterday`s news that Saudi Arabia raised oil output by about 500.000 barrels per day in June.
OPEC members agreed with Russia and other oil-producing allies last month to raise output. despite Iran storming out of negotiations. with Saudi Arabia pledging a `measurable` supply boost but giving no specific numbers.
However. oil prices late last month rose to their highest levels since 2014. with political volatility in Venezuela and the collapse of the Iran nuclear day both sending prices up.
