Iran oil minister: No change in production, export

President Rouhani talks to Iranian expatriates in Bern Switzerland

President Rouhani talks to Iranian expatriates in Bern Switzerland

Recent price rises have also been spurred by the US announcement it plans to reintroduce sanctions against Iran beginning November 4, targeting oil exports.

"The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in U.S. gas stations, is exclusively upon your (Trump's) shoulders and the price of over $100 per barrel is yet to come", Kazempour said.

The leader of Saudi Arabia, OPEC's biggest member, has assured Trump that the kingdom can raise oil production if needed, and that the country has 2 million barrels per day of spare capacity that could be deployed to help cool oil prices to compensate for falling output in Venezuela and Iran.

US West Texas Intermediate (WTI) crude futures CLc1 were down 16 cents, or 0.2 percent, at $73.98 per barrel.

Oil earlier traded near its highest in 3-½ years Thursday, boosted by potential disruptions to flows from Iran and the Middle East despite a new demand from U.S. President Trump, via Twitter, that OPEC cut prices.

Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran. This must be a two way street.

Brent crude, the global benchmark, was down 19 cents at $77.20 a barrel by 0910 GMT.

"Trump's order to OPEC members to increase production is a great insult to those governments and nations, and destabilises the market".

The comments this morning follow on from yesterday's news that Saudi Arabia raised oil output by about 500,000 barrels per day in June.

Output cuts by OPEC and allies since January 2017 have reduced a crude glut.

To make up for potential shortfalls in supply from Iran sanctions as well as other disruptions including Libya and Venezuela, the Organization of the Petroleum Exporting Countries (OPEC) has agreed with Russian Federation and other oil-producing non-OPEC members to raise output from July.

OPEC and Russian Federation announced in June they were willing to raise output to address concerns of emerging supply shortages due to unplanned disruptions from Venezuela to Libya, and likely also to replace a potential fall in Iranian supplies due to USA sanctions.

On Wednesday, an Iranian Revolutionary Guards commander said Tehran might block oil shipments through the Strait of Hormuz. "A blockade of this transport route would thus have dramatic consequences for global oil supply and an impact on prices that is nearly impossible to put into figures".

Recommended News

  • Sacha Baron Cohen Teases New Trump-Trashing Project

    Or will the project skew closer to a mockumentary about the failed "university" itself? "Learn about being amusing ". But in 2016, Cohen told James Corden that Trump actually stayed "for about seven minutes ".
    Donald Trump lowers flag to honor five shooting victims in Maryland

    Donald Trump lowers flag to honor five shooting victims in Maryland

    The White House says President Trump ordered the flags lowered as soon as he learned of the request. Larry Hogan ordered Maryland state flags to be flown at half-staff from Friday through Monday.
    England sends Colombia home following shoot-out drama

    England sends Colombia home following shoot-out drama

    It's an issue Southgate will have to resolve fast, and he may have to turn to Ruben Loftus-Cheek to help out. Kane now joins Gary Lineker as the only England player to have bagged six goals at a single World Cup .
  • Warren Smacks Trump Back Over DNA Test

    Warren Smacks Trump Back Over DNA Test

    Maxine Waters had an I.Q.in the "mid-60s", and made thinly-veiled swipes at fellow Republicans John McCain and George H.W. Mechanic Shane Hegle said he drove 120 miles (195 kilometers) from his Cut Bank Home to be among the first in line.
    Germany migrants: Interior minister Seehofer will not resign

    Germany migrants: Interior minister Seehofer will not resign

    The most important factor for her survival is probably how long her own CDU lawmakers stand by her, and for now they are. Then reports emerged from the CSU that Mr Seehofer had offered to step down both as party leader and interior minister.
    Federer stuns by appearing in Uniqlo instead of Nike

    Federer stuns by appearing in Uniqlo instead of Nike

    The most jarring change is the lack of the iconic "RF" logo, which is owned by Nike, not Federer. Novak Djokovic was with Uniqlo previously, but he switched to Lacoste in 2017.
  • Test your quarter-final knowledge

    Test your quarter-final knowledge

    Neymar responded to the criticism after the game with Mexico , making it clear that he doesn't think he's doing anything wrong. But if Neymar's on your team, your opinion of his drama might be different. "The referees have given him little protection".
    Girl dies after bouncy castle 'explodes' on beach

    Girl dies after bouncy castle 'explodes' on beach

    She suffered critical injuries when she landed on the sand and is thought to have suffered a cardiac arrest, reports The Times . Norfolk Police were called to the scene at around 11:15am .
    County Fire in Yolo County now at 32,500 acres, 2 percent contained

    County Fire in Yolo County now at 32,500 acres, 2 percent contained

    Officials ordered about 300 people to leave their homes near Lake Berryessa in neighbouring Napa County as flames bore down. Just to the northwest, the Pawnee Fire had burned almost 14,000 acres as of Saturday evening and was 73 percent contained.
  • Serena Williams back doing what she does best at Wimbledon

    Serena Williams back doing what she does best at Wimbledon

    Serena Williams practises on the grass court at Wimbledon , ahead of the start of the 2018 tournament. As she has done time and time again, Williams got over those blips with the minimum of fuss.
    With Rise of Rumour-Triggered Lynchings, Centre Tells WhatsApp to Act

    With Rise of Rumour-Triggered Lynchings, Centre Tells WhatsApp to Act

    Prasad also asked WhatsApp to work in a coordinated manner with the country's IT Department, Home Ministry and the police. With more than 200 million users, India is WhatsApp's biggest market.
    Heat Wave Bakes Parts Of The Midwest And Northeast With Extreme Temperatures

    Heat Wave Bakes Parts Of The Midwest And Northeast With Extreme Temperatures

    There is a 30 percent chance of showers and thunderstorms, with the best chances north and west of the Interstate 95 corridor. The director the New York State Office for the Aging is warning senior citizens and their caregivers about high temperatures.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.