Trump Is "Main Culprit Of Oil Price Hikes, Market Destabilisation": Iran

Donald Trump Accuses OPEC Of'Rip-Off, Calls For Lower Prices

Analysts expect crude oil prices to stay under pressure on the back of a deadlock on supply between the top producers and the world's largest economy.

The International Energy Agency forecast strong oil demand growth of 1.4 million barrels per day (bpd) this year and 1.5 million bpd in 2019, and said in its most recent report the market was tightening.

US officials, including President Donald Trump, are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed OPEC to raise output.

Trump blames that policy for pushing oil futures into a range between about $70 and $80 per barrel and keeping the national average gasoline price anchored near $3 a gallon.

OPEC, as well as other producers of oil, are now deliberating whether or not to increase their output by 500,000 barrels per day in order to counteract the lessened supply from Iran.

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"The main culprit of the price hikes ... and the destabilisation of the market is Mr Trump and his disruptive and illegal policies", Zanganeh said on state television, after the U.S. president hit out at OPEC, accusing it of "ripping off the rest of the world".

For starters, the USA special envoy for Iran told the United Nations that Washington will make sure there will be enough oil to go around when sanctions against Iran kick in after November 4.

"The real challenge though for OPEC going forward and for President Trump is there's not a lot of gas in the tank", she told CNBC's "Power Lunch" on Tuesday. If Donald Trump wants cheaper crude like he declares, America should stop interfering in Middle East affairs, he said. On Tuesday, Brent oil hit $82 per barrel for the first time since 2014. "We want them to start lowering prices".

"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year".

In a speech at the United Nations on Tuesday, Trump reiterated calls on Opec to pump more oil and stop raising prices. In fact, it has been rising since early 2017, when the Organisation of the Petroleum Exporting Countries (OPEC), started halting the output to lift crude prices, together with other suppliers including Russian Federation. Because of this, I think that Brent might be the place to be over the next couple of sessions.

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