Iran’s oil minister blames U.S. for market tensions

0
22
© Reuters. FILE PHOTO: Iran's Oil Minister Zanganeh talks to journalists at the beginning of an OPEC meeting in Vienna© Reuters. FILE PHOTO: Iran’s Oil Minister Zanganeh talks to journalists at the beginning of an meeting in Vienna

(Reuters) – Iranian Oil Minister Bijan Zanganeh said on Saturday frequent U.S. comments about oil prices had created market tensions, the ministry’s news website SHANA reported.

U.S. President Donald Trump, who has made the U.S. economy one of his top issues, has repeatedly tweeted about oil prices and the Organization of the Petroleum Producing Countries. He has expressed concern about higher prices, including last month and ahead of OPEC’s meeting in December.

“Americans talk a lot and I advise them to talk less. They (have) caused tensions in the oil market for over a year now and they are responsible for , and if this trend continues, the market will be more tense,” SHANA quoted Zanganeh as saying.

futures briefly hit a 2019 high on Friday but later retreated along with benchmark as worries about the global economy and robust U.S. production put a brake on prices.

Article continues below Advertisement...

OPEC and its allies including , an alliance known as OPEC+, agreed last year to cut production, partly in response to increased U.S. shale output.

“We do not know whether U.S. waivers would be extended or not, we will do our job but they (the U.S.) say something new every single day,” Zanganeh said.

Washington granted waivers to eight major buyers of Iranian oil after reimposing sanctions on Iran’s oil sector in November, after withdrawing from the 2015 Iran nuclear deal.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the , it is one of the riskiest investment forms possible.

Source: Investing.com