Trump, Iran trade sharp words over crude prices
WASHINGTON/LONDON, June 13, (RTRS): Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Tehran accusing the US president of contributing to volatile prices after he withdraw from a global nuclear arms deal last month.
Trump sparked the latest backand-forth on Wednesday when he renewed his attack on OPEC, saying in a tweet that oil prices are too high and blaming the cartel.
Oil prices have risen by around 60 percent over the last year after the Organization of the Petroleum Exporting Countries and some non-OPEC producers, including Russia, started withholding output in 2017 to reduce excess supply. The cartel is meeting next week, where it will consider pulling back from the deal.
Iran’s OPEC governor, Hossein Kazempour Ardebili, fired back quickly at Trump’s words. “You cannot place sanctions on two OPEC founder members and still blame OPEC for oil price volatility,” he said in a statement to Reuters, referring to itself and Venezuela.
After peaking in May at $80.50 a barrel, prices have pulled back, with the price of Brent crude trading on Wednesday near $76 at barrel, partly in anticipation that the deal may end, and as Saudi Arabia and Russia have already started increasing production.
“Oil prices are too high, OPEC is at it again. Not good!” Trump wrote in a post on Twitter on Wednesday after last raising the issue in April.