Editorials National News Has Saudi Arabia pledged US to increase its oil output by 2 million barrels per day?
Has Saudi Arabia pledged US to increase its oil output by 2 million barrels per day?
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As per report Iranian Petroleum Ministry has said that there has been no major change in Iran's production and export of crude oil despite US sanction threats. Accordingly Press TV quoted Iran's Petroleum Minister Bijan Namdar Zanganeh as saying that Iran has plans to counter US President Donald Trump's threats to stop Iran's oil sales, and "the plans are working successfully".
Xinhua news agency reported that the Iranian minister also criticized Trump's pressure on Saudi Arabia to increase its supplies and said such efforts would destabilize oil market. Moreover the governing principles in Organization of the Petroleum Exporting Countries (OPEC) would never allow such political pressures to change the directions of the market. Further the anti-Iran efforts by the US President are largely to blame for the high oil prices in international markets.
Furthermore Iran's petroleum minister said that "political issues should not interfere in the crude market, and supply and demand should determine the final oil price." Zanganeh said "But some political measures and instabilities spark concerns in the oil market and increase its price, including Trump's insulting order to some OPEC members”.