Iran Warns Trump That Oil Prices Will Rise If He Continues To Meddle In Middle East
Iranian Oil Minister Bijan Zanganeh was quoted on Wednesday as saying that Donald Trump should stop interfering in the affairs of countries in the Middle East if he has any interests in slowing the rising cost of oil, according to reports from Reuters.
Zanganeh reportedly told the Iranian Students News Agency, “Mr. Trump is trying to seriously reduce exports of Iran’s oil and also ensure the price of oil does not go up, but these two cannot happen together. If he wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran’s oil.”
Zanganeh disputed recent claims that it was the Organization of the Petroleum Exporting Countries (OPEC) behind the recent surge in the price in oil, instead pointing the finger at the American president.
“Trump blames OPEC for what he has created and caused: the rise of the price of oil and disturbance in the market.”
Zanganeh made it clear that members of OPEC do not have the capacity to produce more oil.
During his speech at the United Nations General Assembly on Tuesday, Trump laid blame on OPEC for rising oil costs and implored its members to increase production. Trump also called out Iran by name and accused the country of causing unrest in the Middle East, as well giving a promise of more sanctions in the future, as covered by the Inquisitr.
Trump abandoned the Iran nuclear deal that was crafted by his predecessor Barack Obama as well as the leaders of Iran and seven other countries in May 2018. The original deal imposed heavy restrictions on Iran’s attempt to develop nuclear technology in exchange for an end to the crippling sanctions on the country.
When Trump announced that the United States was leaving what he described as a “horrible” deal that he would never have allowed to happen, he also announced the forthcoming sanctions that will once again be placed on Iran.
Scheduled to go into effect on November 4, the latest round of sanctions the United States plans to put on Iran will completely halt oil exports from the country, which is the third-largest producer in OPEC. The knowledge that the Iranian supply will fall out of use has led to a run on oil and a surge in price.
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