US threats had no bearing on oil market
"Oil prices are still under influence of OPEC and US President Donald Trump’s threats against Iran have left no effect on the global oil market," pointed out Iran’s Oil Minister.
Publish date : Sunday 22 October 2017 14:39
“If Donald Trump’s threats against Iran had any value to the international community, oil prices should have rose up to about 65 dollars by now, but the US president’s words did not affect the oil market at all,” Iran’s Oil Minister Bijan Zanganeh said on Sunday, while referring to Trump’s recent anti-Iran positions and his move to decertify the 2015 nuclear deal.
Zanganeh went on to add, “up to this moment, oil prices have been still under the influence of OPEC, not Trump’s words. Iran’s oil sector attached no significance to Trump’s threats and we are going ahead with our agenda as strong and determined as ever.”
“They [Americans] could not achieve any results by sanctioning Russia, because Russia exports ten million barrels of oil and supplys Europe’s oil demands. They can, however, cut off one million barrel exports from the oil market, because Arab states can compensate for this amount,” Zanganeh explained, while calling for an increase in Iran’s oil exports.
He went on add, “if we manage to sign contracts worth 40 billion dollars with European countries, their interests will not allow them to stop doing business with Iran under the pretext of sanctions.”
“Total has announced that it would cancel its contract with us if the UN Security Council adopts a resolution against Iran; under the contract, if Total withdraws, the Chinese companies will take its place,” he said.
The Iranian oil minister further commended Total’s stance against Donald Trump’s anti-Iran remarks, saying “they maintained that they do not follow the US orders. Total will proceed with its contract with Iran according to the schedule.”