President Donald Trump’s attempt to politicize the oil market should be castigated by OPEC, according to Iran’s energy minister.
The U.S. president has sought to publicly intervene in OPEC’s policymaking ahead of a key meeting for the 14-member oil cartel on Friday, complaining in a pair of tweets that will the Middle-East-dominated group is usually to blame for crude prices recently soaring to multi-year highs.
“Oil is usually not a weapon — the idea is usually not a political tool to be used against some countries, producers or consumers,” Iranian Oil Minister Bijan Zanganeh told reporters on Tuesday in Vienna, Austria where OPEC as well as also non-OPEC producers, including Russia, are due to meet that will week.
“OPEC is usually not a political organization as well as also I believe the idea is usually necessary for OPEC to support that will idea that will the market should be depoliticized as well as also condemn any use of oil as a weapon or as a tool against some countries,” he added.
Trump, perhaps wary of the average U.S. gasoline cost hovering near $3 a gallon, has sought to hold OPEC accountable for a recent upswing in oil prices.
However, Zanganeh said the idea was Trump who had created difficulty for the oil market by imposing sanctions against Iran as well as also Venezuela yet he at that will point expects OPEC to deal with the consequences by pumping more.
“President Trump thinks that will [he] can order OPEC as well as also instruct to OPEC to do something… the idea’s not fair, I think, as well as also OPEC is usually not a part of the Department of Energy of the United States,” Zanganeh said.