Iran ‘Insulted’ over President Trump’s Instructions to OPEC

Iran ‘Insulted’ over President Trump’s Instructions to OPEC

Iran ‘Insulted’ over President Trump’s Instructions to OPEC

$OIL, $USO

Saturday, Iran’s oil minister on accused US President Donald Trump of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output.

US President Trump Wednesday accused the Organization of the Petroleum Exporting Countries (OPEC) of driving fuel prices higher, urging Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran.

“[President]Trump sends every day a new message that creates uncertainty in the market,” Iranian Oil Minister Bijan Zanganeh said in an interview with state television.

“Trump’s order to OPEC members to increase production is a great insult to those governments and nations, and destabilizes the market.”

Mr. Zanganeh called the tension between Tehran and Washington a “trade war” and boasted it had not led to changes in Iranian Crude Oil production and exports (yet it already has).

Iran, OPEC’s 3rd-largest producer, is facing US sanctions on its Crude Oil exports that are prompting some buyers to cut purchases, others will follow.

Washington said in May it was walking away from an international deal on Iran’s nuclear program, and said it will impose severe new sanctions on Iran’s energy sector.

SKorea halted all Iranian Crude Oil shipments in July for the 1st time in 6 years amid US pressure.

The EU, once Iran’s biggest Crude Oil importer, has promised to try keep the Y 2015 nuclear deal alive without the US by trying to keep Crude Oil and investment flowing, thought that is just rhetoric.

Friday, Foreign Ministers from the 5 remaining signatory countries offered a package of economic measures to Iran to counter the US sanctions, but Tehran said the package did not go far enough.

“I have not seen the package personally, but our colleagues in the foreign ministry who have seen it were not happy with its details,” Mr. Zanganeh was quoted as saying by Tasnim news agency.

Iran has threatened to block Crude Oil exports through a Key Gulf waterway in retaliation for US efforts to reduce Iranian Crude Oil sales to Zero.

Iran will not make such a move.

In Iran Vs Trump, my bet is on Trump

America First & MAGA

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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