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Iranian oil minister calls Trump's order to OPEC insulting

Reuters  |  LONDON 

(Reuters) - Iran's minister on Saturday accused U.S. of insulting by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of U.S. pressure.

Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged to pump more if it wanted to continue protecting it against its top rival

"Mr Trump sends every day a new message that creates uncertainty in the market," Iranian Minister said in an interview with state television.

"Trump's order to members to increase production is a great insult to those governments and nations, and destabilises the market."

Zanganeh called the tension between and a "trade war" and said it had not led to changes in Iranian production and exports.

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

said in May it was walking away from an international deal on Iran's nuclear programme, and said it would impose fresh sanctions on Iran's sector.

halted all Iranian in July for the first time in six years amid U.S. pressure.

The EU, once Iran's biggest oil importer, has promised to try keep the 2015 nuclear deal alive without the by trying to keep oil and investment flowing.

Foreign ministers from the five remaining signatory countries offered a package of economic measures to on Friday to counter the U.S. sanctions, but 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," Zanganeh was quoted as saying by agency.

has threatened to block through a key Gulf waterway in retaliation for U.S. efforts to reduce Iranian to zero.

Zanganeh said Iran's stance on this issue was clear.

(Reporting by Bozorgmehr Sharafedin; Editing by and Alison Williams)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Sat, July 07 2018. 16:57 IST
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