U.S. 'dream' of halting Iran's oil exports won't come true: minister

Jermaine Castillo
September 27, 2018

Oil prices eased on Wednesday after US data showed a surprise build in domestic crude inventories, but an impending drop in Iranian exports kept Brent futures above $80 a barrel and on track for a fifth straight quarterly gain.

Brent crude prices rose to a almost four-year high above above $82 a barrel on Tuesday after OPEC and its allies said they would stick to the plan they agreed to in June.

Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said.

"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".

Speaking at the UN General Assembly on Tuesday, Trump accused OPEC of "ripping off the rest of the world" by pushing for higher oil prices.

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"We defend many of these nations for nothing, and then they take advantage of us by giving us high oil prices".

Mr. Rouhani also did not rule out talks, but a change in USA policy will be needed first.

This has managed to put pressure on other countries as well, in efforts to cut them off from Iranian crude oil imports.

OPEC leader Saudi Arabia and its biggest oil-producer ally, Russia, on Sunday rebuffed a demand from Trump for moves to cool the market.

However, he did say that Seoul hasn't bought any Iranian crude "for three continuous months".

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This could result in the price of oil rising to $100 per barrel.

"If he wants the price of oil not to go up and the market not to get destabilised, 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".

"After the weekend's meeting, the voices of those who foresee 100 dollars a barrel and compare the current backdrop to the 2007/2008 bull run are getting louder", said PVM Oil Associates strategist Tamas Varga.

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. In June, the group agreed to restore some of that output and return to its goal of keeping 1.8 million barrels a day off the market.

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