Iran's oil minister has hit back at Trump over production demands

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

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

On Wednesday, Trump said in a tweet the "OPEC Monopoly must remember that gas prices are up and they are doing little to help".

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

There have been reports that Saudi Arabia has boosted its oil production by nearly half a million bpd in June, and the UAE has spare capacity of between 400,000 and 600,000 bpd, Al-Mazrouei said, adding that OPEC as a whole has enough spare capacity to offset any shortage.

OPEC agreed in June on a modest increase in oil production starting in July after its leader, Saudi Arabia, persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.

"We are working to minimize disruptions to the global market, but we are confident that there is sufficient global spare oil production capacity", Brian Hook, the director of policy planning, said on July 2.

Last month, OPEC and Russian Federation agreed to boost production by a million barrels daily to reduce prices that had gotten uncomfortably high for the biggest importers.

"Unlike in trade wars, oil price shocks do not have winners", the analysts wrote.

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Earlier this week, Trump lashed out at OPEC, accusing the oil organization of failing to help the United States to reduce domestic gasoline prices.

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. Zanganeh said Iran's stance on this issue was clear.

"There will remain no such organization (as OPEC) in the future after continuation of the sanctions" against Iran, he was quoted as saying.

He added that OPEC principles would never allow political pressures to change the directions of the market.

MUFG Bank, a leading Japanese bank, said renewed geopolitical supply-side disruptions stemming from Canada, Iran, Libya, Venezuela and the United States, raises the likelihood of oil trade interruptions and with it upside risks to oil prices in the near term.

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 per barrel.

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.

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