Iran Warns India Against Oil Imports From US and Saudi Arabia

Iran Warns India Against Oil Imports From US and Saudi Arabia

The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame.

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

However, Opec and its allies are doing what they can to offset crude output shortfalls that have kept global supplies tight and prices high, but they don't want to overdo it, according to UAE Minister of Energy and Industry Suhail bin Mohammed Faraj Faris Al Mazrouei.

Iranian Oil Minister Bijan Namdar Zanganeh said the country's oil production and exports have not changed significantly despite US efforts for disrupting Iran's market, IRIB reported on Saturday.

Perhaps no one told him that Iran was a founding member of OPEC?

Washington has warned that it will impose sanctions on foreign companies that do business with Iran, in an effort to cut Iran's exports of crude oil and condensates to zero from over 2 million barrels per day. It said that the United States was "not granting waivers" to any country which was in business with Iran. The Iranian official also criticised a reported request that the United States made of Saudi Arabia to help stabilise oil prices in case the sanctions against Iran drives oil prices up.

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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.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation for USA efforts to reduce Iranian oil sales to zero.

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

President Donald Trump said in May he would pull the United States out of an worldwide accord under which Tehran had agreed to limit its nuclear development in exchange for sanctions relief.

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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