Iran says Trump 'destabilising' oil market


"OPEC alone can not be blamed for all the problems that are happening in the oil industry, but at the same time we were responsive in terms of the measures we took in our latest meeting in June", Organization of the Petroleum Exporting Countries President Suhail al-Mazrouei told Reuters in an interview in Calgary, Alberta.

Trump has accused the Organisation of the Petroleum Exporting Countries in recent weeks of driving gasoline prices higher and urged the group to do more. In May, Washington announced it was walking away from an worldwide deal on Iran's nuclear program, and said it would impose fresh sanctions on Iran's energy sector.

After India-US relations soured over India's oil imports from Iran, Iran has put India in a spot of bother now.

Iran, OPEC's third-largest producer, is facing USA sanctions on its oil exports that are prompting some buyers to cut purchases.

Zanganeh called the tension between Tehran and Washington a "trade war" and said it had not led to changes in Iranian oil production and exports.

After pulling out of the Iran Nuclear Deal, the USA has asked India to stop importing oil from Iran.

The US has asked all countries to stop importing oil from Iran.

"There was pressure from the South Korean government to halt purchases", said the source familiar with Iranian shipping arrangements.

"But some political measures and instabilities spark concerns in the oil market and increase its price, including Trump's insulting order to some OPEC members", Zanganeh said.

West Texas Intermediate crude was trading just under $74 per barrel Friday, and Brent was at about $77 per barrel.

US West Texas Intermediate crude futures ended 21 cents lower at $65.74 a barrel.

Concerns that oil prices will be weighed down by a trade conflict between the U.S. and China have faded to some extent, analysts said.

Official data that came out on Thursday, a day later than normal due to the July 4 public holiday, showed inventories at Cushing, the delivery point for USA crude futures, fell to their lowest in 3-1/2 years. The US rig count, an early indicator of future output, was up by five in the week to July 6, according to General Electric Co's Baker Hughes energy services firm.

However, it has not produced more than 10.42 million bpd on an annual basis or 10.63 million bpd in a single month in the last 20 years. So far this year, United States oil futures have averaged $65.71 per barrel.