LIVE NEWS UPDATE ::
U.S. President Donald Trump cannot bring oil prices down by “bullying” other nations, Iran’s oil minister said on Tuesday, adding that the market was suffering from short supply.
U.S. sanctions on Iranian oil exports are due to kick in on Nov. 4. The U.S. administration has been pushing its allies to cut Iranian oil imports and encouraging Saudi Arabia, other OPEC states and Russia to pump more oil to meet any shortfall.
“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,” Iranian Oil Minister Bijan Zanganeh said, according to the semi-official news agency ILNA.
Benchmark Brent crude has been trading above $80 a barrel LCOc1 .
Zanganeh said the rise of oil prices was a “self-inflicted pain” caused by U.S. sanctions against Iranian energy exports, and could be resolved by lifting the measures.
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