Iran slams Trump's 'interfering' remarks on OPEC

Iranian oil minister calls Trump's order to OPEC insulting

Zanganeh added: "Trump's order to OPEC members to increase production is a great insult to those governments and nations, and destabilises the market".

Zanganeh added the USA president's order is an insult to the national sovereignty of these independent governments and nations.

Hossein Kazempour Ardebili, Iran's ambassador to the OPEC, said the strong rhetoric by Trump against OPEC and oil producers could soon push up crude prices to as high as 100 US dollars per barrel.

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. This must be a two way street.

Iran plans to reduce its global trade relations only to countries that buy its crude oil, an Iranian MP told Iranian media.

Think your friends would be interested? He said that Iran has helped India significantly on strategic issues like energy and connectivity yet India has not kept up its promises of investment in the Chahbar port.

The United States and China exchanged the first salvos in what could become a protracted trade war on Friday, slapping tariffs on $34 billion worth of each others' goods and giving no sign of willingness to start talks aimed at a reaching a truce.

More news: North Atlantic Treaty Organisation summit: Energy deal makes Germany a Russian captive, says Donald Trump

The move is part of Trump's withdrawal from the Iran nuclear deal, which previously eased economic penalties on the country as long as it curbed its nuclear weapons program.

The U.S.is reimposing sanctions on Iran, after President Donald Trump withdrew the U.S. from the Iran nuclear agreement in May.

On Saturday, a petroleum ministry official told state-run IRNA news agency that the USA sanctions against Iran's oil exports will weaken the OPEC.

Tehran and Vienna extended the energy cooperation agreement which was signed between Iranian oil ministry and Austria's energy ministry, Shana reported on Thursday quoting Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia.

However, if the United States keeps pressures to ban Iran's crude sales, "it would disrupt OPEC plans because Iran produces five percent of the world total oil output and this is a significant amount", he added.

Now, President Trump is threatening sanctions against any country that continues to do business with Iran.

South Korean refiners have since curtailed their Iranian oil purchases and turned to alternative sources such as American and African crude due to expensive Middle East grades and uncertainty over trade with Iran. "South Korea overall is lifting zero oil (from Iran) for July loading".

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