A Review of the Nigerian Energy Industry

Iran’s oil minister says Trump’s order to OPEC insulting

*Iranian Oil Minister Bijan Namdar Zanganeh.

OpeOluwani Akintayo

07 July 2018, Sweetcrude, Lagos — Iran’s oil minister has described as “insulting” U.S President Donald Trump’s order to the Organisation of the Petroleum Exporting Countries, OPEC, to increase production to reduce prices.

The minister had on Saturday, said Trump’s statement was insulting and “destabilises” the market.

Trump had on Wednesday, accused OPEC of driving fuel prices higher with the production cuts, calling on Saudi Arabia, a member of the organization to pump more if they wanted Washington to continue protecting them against their top enemy, Iran.

“Mr. 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 destabilises the market,” Zanganeh said.

Zanganeh said Iranian oil production and exports had not changed as a result of U.S. pressure.

Iran, OPEC’s third-largest producer, is facing U.S. sanctions on its oil exports that are prompting some buyers to cut purchases.

The United States in May said it was walking away from an international deal on Iran’s nuclear program, and said it would impose fresh sanctions on Iran’s energy sector.

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