Iranian minister calls Trump's order to Opec insulting

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On Wednesday Trump took to Twitter to accuse Opec of "driving prices higher" and insisted there "must be a two way street". Now after the U.S. pulled out from the Iran Nuclear Deal, India has been in a dilemma over India-Iran trade especially that of oil.

"Opec alone can not be blamed for all the problems that are happening in the oil industry, but at the same time we were responsive in terms of the measures we took in our latest meeting in June", Organisation of the Petroleum Exporting Countries president Suhail al-Mazrouei told Reuters in an interview in Calgary, Alberta.

The figures were contained in a communication from the kingdom to the Organization of the Petroleum Exporting Countries ("Saudi Arabia raised oil output by around 500,000 bpd in June", Reuters, July 5).

He said the global hike in oil prices is a result of Donald Trump's demand from some OPEC members to increase their production.

The oil sanctions come after OPEC and other supply-cutting countries agreed at a summit in June to reduce compliance from more than 150 per cent in May to about 100% starting this month.

In Canada, an outage at the 360,000-barrel per day (bpd) Syncrude oil sands facility reduced flows into Cushing, Oklahoma, the delivery point for US futures. If Trump really wants to reduce oil prices in America, he should start there.

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

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).

They said zero-tolerance sanctions on Iran - the fourth-largest oil producer - could add $US50 per barrel to crude prices, which are up more than 25 per cent this year.

Perhaps no one told him that Iran was a founding member of OPEC?

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. "Full utilization would be sufficient to keep the markets well-supplied and prices in check", the analysts said.

"The Korean government is negotiating with the United States to get exemptions from the restrictions on Iranian oil purchases", it said.

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