Iran says Trump can not bring oil prices down by 'bullying'

Iran says Trump can not bring oil prices down by 'bullying'

Such a move would roil markets, as the Saudis have not used oil as a policy weapon since the oil embargo of the early 1970s, and the market is already anticipating reduced supply when sanctions on Iranian oil exports resume on November 4.

"Issue is not shortfall".

"I had the privilege of meeting Prime Minister Narendra Modi and Oil Minister Dharmendra Pradhan today".

"The focus within the oil trade during the next couple of weeks is likely to be on Iran and Saudi Arabia", Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

The Iranian official, in turn, said the Islamic Republic expects South Korea as one of its key business partners to continue its operation in Iran in the situation created by the USA sanctions.

A report by the Tasnim news agency noted on Tuesday the assessments of Iranian Oil Minister Bijan Namdar Zanganeh, who regretted Washington's actions.

Oil prices have surged to over $80 a barrel on concerns over tight supplies, as lower exports from Iran, plunging production from Venezuela, and infrastructural constraints in the United States and Canada prevent oil from reaching global markets.

Oil prices rise on Saudi tensions; demand outlook drags

European diplomats have said the SPV would create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands. "Most of the program trading and most of the investment houses figure that demand growth worldwide is going to be about 1.6 million barrels a day", Kloza said. While Saudi Arabia and Russian Federation have increased production, "according to our information some of the (OPEC) countries are lagging behind".

U.S. President Donald Trump can not bring oil prices down by "bullying" other nations, Iran's oil minister said on Tuesday, adding that the market was suffering from short supply.

A claim by the United States that it aims to reduce Iran's oil exports to zero is a "political bluff", the head of the state-run National Iranian Oil Company was quoted as saying.

Out of this, supplies in the first seven months, till October, have not been impacted. Prices could be weighed by an increase in US crude inventories.

"When oil companies enter into annual term contracts for buying crude oil, there are two components mentioned - firm supplies and optional supplies".

Any supply deficit in the fourth quarter was unlikely to be large enough to do more than support prices, they said.

"The oil that Saudi Arabia presented to the market recently was not its excessive production but was its past reserves", Zanganeh disclosed. That's 2 percent higher than the five year average for this time of year.


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