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Iran says Trump 'destabilising' oil market

AFP  |  Tehran 

today accused US of destabilising the with his flurry of tweets taking aim at the cartel.

"These days... the price is dependent on the behaviour of Mr Trump," Iranian said on state television.

"Every day, Mr Trump has a new message or remark that causes concern in the market, or he gives members orders that are very insulting," or demands other countries increase their production, Zanganeh said.

"It's an insult to the people and national sovereignty of these countries and it also destabilises the market," he added.

In his latest tweet on the subject on Wednesday, Trump said that the "Monopoly must remember that are up & they are doing little to help".

He has repeatedly urged the Organization of the Exporting Countries (OPEC) -- which includes key US ally -- to raise its production. OPEC and other producers including agreed last month to boost output by around a million barrels a day, reversing course after supply cuts that cleared a global glut and boosted prices.

The move came as -- an OPEC member -- faces renewed sanctions over Trump's decision to quit the international nuclear deal with Tehran, which has added to supply concerns on world markets.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, July 07 2018. 17:35 IST