Iranian oil minister calls Trump’s order to OPEC insulting

American oil producers may find a new friend in India as they brace for a trade war with China that could curb US shipments

American oil producers may find a new friend in India as they brace for a trade war with China that could curb US shipments

In an interview with state television, Iranian oil minister Bijan Zanganeh said: "Mr Trump sends every day a new message that creates uncertainty in the market".

The president is right that oil prices are rising, and he's partly correct that OPEC is "doing little to help", insofar as OPEC isn't producing enough oil to cope up with market demand.

"So based on those assumptions, we estimate zero Iran exports could push oil up by $50 if Saudi Arabia caps out", BofA Merrill Lynch analysts said.

The required increase would be even higher if other OPEC and non-OPEC countries struggle to raise their output or more production is lost as a result of problems in Venezuela and Libya.

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Oil futures are trading near three-year highs as disruptions in Canada and Libya, along with slumping production in Venezuela and a United States call for allies to stop buying from Iran, have overshadowed a pledge by OPEC and allies to add 1 million barrels a day.

They said zero-tolerance sanctions on Iran - the fourth-largest oil producer - could add $US50 per barrel to crude prices, which are up more than 25 per cent this year.

"Cushing is clearly screaming out for crude, with the prompt few months more than $2 backwardated", said Virendra Chauhan, an analyst at Energy Aspects in Singapore.

"Saudi Arabia could boost volumes supplied to the market by releasing some of its domestic crude stocks as well as raising field production, but stock releases would only ever be a short-term measure", Reuters further added.

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Meanwhile, North America has enough fossil fuels to last us for "generations", but government policies often stand in the way of exploiting these resources.

EU lawmakers gave approval on Wednesday for the European Investment Bank (EIB) to do business in Iran, overcoming a blocking attempt and keeping alive plans to save the 2015 nuclear deal with Tehran that Washington has abandoned.

"There might be a slight decline in Iran's oil sale, but different companies' secret purchase of Iran's oil can compensate it", he said.

Oil prices rose on Tuesday on escalating concerns over potential supply shortages, with Brent crude leading the way as hundreds of oil workers in Norway were set to strike later in the day. Two other sources also said South Korea cancelled July loadings of crude and condensate cargoes from Iran as it was uncertain whether they can receive an exemption from US sanctions on Iran trade.

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