Iran's oil minister has said the United States will not succeed in its plans to halt Iranian crude exports even as he acknowledged that South Korea has stopped buying oil from Tehran, Iranian media reported on Monday.
"The main culprit of the price hikes ... and the destabilisation of the market is Mr Trump and his disruptive and illegal policies", Zanganeh said on state television, after the U.S. president hit out at OPEC, accusing it of "ripping off the rest of the world".
He said: "OPEC and OPEC nations are as usual, ripping off the rest of the world, and I don't like it, nobody should like it". While some, such as Citi's Ed Morse, suggests that an SPR sale could "knock a couple of bucks off the oil price", others, such as Hess Corp's Greg Hill are skeptical: "It won't drop oil from $80 to $65, and any effect would be short-term".
The website of Iran's oil ministry, Shana.ir, quotes the minister, Bijan Zanganeh, as saying the "U.S. dream of getting Iran's oil exports (effectively) to zero won't come true".
USA officials, including President Donald Trump, are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed OPEC to raise output.
The IIF said Iranian shippers were also providing generous payment terms and, in some cases, accepting euros and Chinese yuan instead of US dollars.
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OPEC leader Saudi Arabia and its biggest oil-producer ally, Russia, on Sunday rebuffed a demand from Trump for moves to cool the market.
Opec members do not have the capacity to increase production, Zanganeh said.
"If he wants the price of oil not to go up and the market not to get destabilized, he should stop unwarranted and disruptive interference in the Middle East and not be an obstacle to the production and export of Iran's oil".
"We are not going to put up with it, these awful prices, much longer". The pending loss of Iranian supply has been a major factor in the recent surge in crude prices. "Given the current oil market scenario, we believe prices of crude oil are to rise around $78/bbl -$80/bbl unless the number of rigs deployed by the by the United States are increased", said credit ratings agency CARE Ratings.
"As a result, we expect Brent prices to stabilize back in their $70-80/bbl range into year-end", wrote the analysts.