Iran urges OPEC to rebuff 'threats' from Trump

Image
AFP Tehran
Last Updated : Sep 23 2018 | 8:15 PM IST

Iran on Sunday called on its OPEC partners not to bow to "threats" from US President Donald Trump, as the oil cartel prepared to meet to discuss output levels.

"I hope the outcome of this meeting will not be affected by President Trump's threats," Oil Minister Bijan Namdar Zanganeh told SHANA, his ministry's news agency.

Ahead of Sunday's meeting in Algiers of the Organisation of Petroleum Exporting Countries, Trump tweeted that "the OPEC monopoly must get prices down now!" by raising output.

Middle East states "would not be safe for very long" without the United States, the president also wrote Thursday.

Zanganeh fired back, saying the claim that "America safeguards the security and survival of producing countries" was the "biggest insult to American allies in the region".

"OPEC is an organisation independent of America and will hopefully stay so," he said.

However, the Algiers meeting of OPEC and non-OPEC ministers is expected to offer an increase in output to "offset Iran's production cut", said Zanganeh.

Output from Iran has hit its lowest level since July 2016, according to the International Energy Agency, as top buyers India and China distance themselves from Tehran.

Trump has called for OPEC members, primarily US ally Saudi Arabia, to raise production, and warned importers to stop buying oil from Iran or face American sanctions.

The US in May withdrew from the 2015 nuclear deal with Tehran and reimposed sanctions on the Iranian economy, with a US embargo due to hit Iran's oil industry on November 4.

Disclaimer: No Business Standard Journalist was involved in creation of this content

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Sep 23 2018 | 8:15 PM IST

Next Story