Iran says Trump 'destabilising' oil market

US President Donald Trump has been pressuring OPEC and in particular Saudi Arabia to ramp up output by as much as 2 million barrels a day

"Saudi Arabia, and OPEC more broadly, would lose its key lever on the global oil market, which would leave prices heavily exposed in the case of an additional supply shock", the analysts added.

Trump's order for oil producing countries to raise output "is very insulting to the people of these countries and would undermine their national sovereignty and destabilize the oil market", he said.

Zanganeh added that neither Iranian oil production nor its exports had changed as a result of U.S. pressure. But if anything, Trump's bluntness is refreshing: if, as he suggests, the objective of the U.S. military - with a yearly total budget of a trillion dollars - is to protect OPEC members in exchange for "cheap oil", how cheap is that oil?

On Wednesday, Trump said OPEC is "driving oil prices higher", urging the cartel to reduce the price at the soonest. This must be a two way street.

USA energy companies this week added oil rigs for the first time in three weeks but the rate of growth has slowed over the past month or so with a decline in crude prices from late May through late June.

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The administration has not been clear about whether sanctions will apply just to crude or will include condensates ("Briefing with an Iran diplomacy update", State Department, July 2).

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"U.S. shale potential is still largely unknown and the outlooks on markets such as Iran, Libya and Venezuela are highly uncertain", the analysts said. It said that the United States was "not granting waivers" to any country which was in business with Iran.

The move is part of Trump's withdrawal from the Iran nuclear deal, which previously eased economic penalties on the country as long as it curbed its nuclear weapons program.

Even if the Europeans cave in to U.S. demands, the world has changed a great deal since the pre-Iran deal era.

Tehran and Vienna extended the energy cooperation agreement which was signed between Iranian oil ministry and Austria's energy ministry, Shana reported on Thursday quoting Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia.

The oil minister accused U.S. President of insulting OPEC 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, Reuters reported.

South Korean embassy in Tehran on Saturday denied that the country has stopped oil imports from Iran, IRAN Daily reported.

South Korea has bought almost 296,000 barrels of oil from Iran in the first five months of the year, and is the biggest buyer of Iranian oil after China and India.

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