U.S. bullying won’t resolve supply shortage in oil market: Zanganeh

October 16, 2018 - 17:46

TEHRAN – Iranian Oil Minister Bijan Namdar Zanganeh said U.S. cannot balance a market which is suffering from short supply by words and bullying, ILNA reported.

“The oil market is suffering from short supply and this cannot be resolved by words. Trump thinks he can bring the oil prices down by bullying,” Zanganeh said on the sidelines of the 4th Iranian Petroleum and Energy Club Congress (IPEC 2018) in Tehran on Tuesday.

The minister criticized Trump’s recent interferences in the oil market, saying that the rise of oil prices has been a “self-inflicted pain” resulted from U.S. sanctions against Iranian oil industry, and could be easily resolved by lifting the sanctions.

Mentioning Trump’s plans for zero Iranian oil exports, the official said “We should see how market is reacting, everyone is worried and Trump has failed to reassure them. Big oil producing countries are going off the market under U.S. sanctions and that has led to turmoil.”

The United States announced new sanctions after withdrawing from a nuclear deal with Iran in May. The new round of U.S. sanctions against Tehran are set to start in November 4.

EF/MA

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