Minister: US wish to halt Iran’s crude exports won’t come true Oil prices at four-year high after OPEC rebuffs Trump
Iran’s oil minister said on Monday that an OPEC meeting rejected the demands of US President Donald Trump, saying that the “US dream” to cut Iranian oil exports to zero would not happen.
“The US seeks to reduce Iranian oil exports to zero… but that dream would not come to reality,” Bijan Namdar Zanganeh said.
Zanganeh said such a plan isn’t possible long-term, though Washington seems determined to cut Iran’s crude exports, “even if for just a month.”
However, he did say that Seoul hasn’t bought any Iranian crude “for three continuous months.”
Zanganeh welcomed the outcome of the Sunday meeting between OPEC members and the organization’s allies, which ended without any decision to further increase oil output despite Trump’s call for lower prices.
Zanganeh said “no country gave a positive answer to Trump” and that this can be considered a “heavy defeat” for the US president.
Trump pulled the US out of the nuclear deal between Iran and world powers in May. Washington wants to reduce Iran’s oil exports effectively to zero with renewed sanctions in November and has been pushing its allies to cut their oil imports from Iran.
It’s unclear, however, how much other countries will cut back on Iranian oil imports. Britain, France, Germany, Russia and China, which also signed the nuclear deal, opposed the Trump administration’s decision to withdraw from it. European countries are trying to salvage the landmark accord.
Oil at record high
Oil prices jumped more than two percent to a fouryear high on Monday after OPEC ruled out any immediate increase in production despite calls by Trump for action to raise global supply.
Benchmark Brent crude hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 percent, before easing to around $80.75. US light crude was $1.25 higher at $72.03.
“This is the oil market’s response to the OPEC+ group’s refusal to step up its oil production,” said Carsten Fritsch, commodities analyst at Commerzbank in Frankfurt.