Today, the oil minister of Iran has hit back at Donald Trump, the President of the United States of America, over his demands for more production, calling the orders of the US president as an insult that is directed towards the Organisation of the Petroleum Exporting Countries (Opec).
He accused the US President of destabilising the oil market with his series of tweets that are taking aim at the Opec cartel.
During an interview with the state television, Bijan Zanganeh, the oil minister of Iran, stated: “Mr Trump sends every day a new message that creates uncertainty in the market.”
He continued: “Trump’s order to OPEC members to increase production is a great insult to those governments and nations, and destabilises the market.”
Zanganeh added: “These days… the price is dependent on the behaviour of Mr Trump.”
Iran is the third-largest producer of hte Opec. The Iranian oil minister also disclosed that Iran has not changed its exports and oil production amid the heightening pressure from the United States.
Last Wednesday, Trump posted a tweet on Twitter that was accusing Opec of “driving prices higher” and asserted that there “must be a two-way street.”
The comments of the Iranian Minister were released this morning. It comes after the news that were released yesterday that Saudi Arabia has already raised its oil output by around 500,000 barrels per day last month.
Last month, the members of the Opec agreed with Russia and its other oil-producing allies to increase output, despite Iran storming out of discussions, with Saudi Arabia promising to deliver a “measurable” supply boost but not presenting specific numbers.
However, late last month, the oil prices increased to their highest levels since 2014, with the collapse of the Iran nuclear day and the political volatility in Venezuela both sending the prices up.