Why Trump's Iran Isolation Plan May Backfire

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Why Trump's Iran Isolation Plan May Backfire

"OPEC alone can not be blamed for all the problems that are happening in the oil industry, but at the same time we were responsive in terms of the measures we took in our latest meeting in June", Organization of the Petroleum Exporting Countries President Suhail al-Mazrouei told Reuters in an interview in Calgary, Alberta.

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

South Korea will not lift any Iranian crude and condensate in July for the first time since August 2012 amid USA pressure to cut all imports of Iranian oil from November, three sources familiar with the matter said on Friday. If Trump really wants to reduce oil prices in America, he should start there.

Trump on Wednesday accused the Organization of the Petroleum Exporting Countries of driving fuel prices higher, and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran. This must be a two way street.

Venezuela, which has enormous reserves but is also suffering under, among other problems, crippling USA sanctions, is shrinking out of the world oil market.

Think your friends would be interested? Zanganeh said Iran's stance on this issue was clear.

Mazrouei said Opec is willing to listen to major oil-producing countries, including the United States.

The United States in May said it was walking away from the 2015 nuclear deal between Tehran and world powers.

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

The International Energy Agency estimates OPEC members held 3.4 million bpd of spare capacity at the end of May, while their non-OPEC allies had no more than 330,000 bpd ("Oil Market Report", IEA, June 2018). The US has directed all countries to stop all their oil imports from Iran by November 4 in a bid to isolate Iran's funding channels.

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 has bought almost 296,000 barrels of oil from Iran in the first five months of the year, and is the biggest buyer of Iranian oil after China and India.

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