Trump’s order for OPEC to reduce prices is insulting - Iranian oil minister

An aerial view of an Iranian floating oil export terminal in the Persian Gulf

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

According to the top official, the order issued by the United States leader is "a great insult to [OPEC] governments and nations, and destabilizes the market".

On Wednesday, Trump said OPEC is "driving oil prices higher", urging the cartel to reduce the price at the soonest.

Two other sources said South Korea canceled July loadings of crude and condensate cargoes from Iran as it was uncertain whether the country would receive an exemption from United States sanctions on Iran trade.

OPEC and other producers including Russian Federation agreed last month to boost output by around a million barrels a day, reversing course after supply cuts that cleared a global glut and boosted prices.

The governing principles in Organization of the Petroleum Exporting Countries (OPEC) would never allow such political pressures to change the directions of the market, he said.

US gasoline prices are at a four-year-high this year as a result of the higher price of crude.

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Eshaq Jahangiri said Washington was trying to stop Iran's petrochemical, steel and copper exports.

European powers which still support the nuclear deal say they will do more to encourage their businesses to remain engaged with Iran - though a number of firms have already said they plan to pull out.

Global oil prices LCOc1 have climbed steadily this year, helped by rising demand, and topped $80 per barrel in May for the first time in 3-1/2 years.

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

The agreement was between Iran and six countries, who agreed Iran would end its nuclear program in exchange for an end to sanctions. "We are telling relevant markets and countries, which will purchase our oil, that we will buy goods in case they purchase our oil", Asadollah Qarekhani, member of the parliamentary energy committee, said. "Full utilization would be sufficient to keep the markets well-supplied and prices in check", the analysts said.

Reuters in a report on Friday quoted familiar sources as saying that South Korea would not lift any Iranian crude and condensate in July, a claim that was denied by South Korean embassy in Tehran on Saturday.

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