U.S. President Donald Trump took to Twitter again on Wednesday to complain about high oil prices and criticize OPEC, demanding that prices be reduced—and this time it was Iran that reacted to his latest tweet, saying that the President’s tweets about oil have already pushed up prices by at least $10 a barrel in recent weeks.
On Wednesday, President Trump tweeted:
“The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $’s. This must be a two way street. REDUCE PRICING NOW!”
This was President Trump’s fourth tweet about high oil prices and OPEC in as many months.
Since April, President Trump had criticized OPEC twice for manipulating oil prices, calling the cartel out for oil prices that are ‘too high’.
On the day of the OPEC meeting on June 22, President Trump tweeted again: “Hope OPEC will increase output substantially. Need to keep prices down!”
Now Iran is responding to the latest tweet, with its OPEC Governor Hossein Kazempour Ardebili addressing President Trump via the Iranian oil ministry’s news service Shana:
“Mr. President, may I ask you, what are you talking about? OPEC has not defined oil prices for the past 30 years … You impose sanctions on major producers, founders of OPEC, and yet you are asking them to reduce the prices?! Since when did you start ordering OPEC! Your tweets have driven the prices up by at least $10/b.” Related: Oil Prices Slide On Small Crude Build
“Pls stop it, otherwise it will go even higher! Your Excellency? there are not that much oil available to respond to your orders; you are hammering on good guys in OPEC, which you are claiming, you are defending them. You are actually discrediting them and undermining their sovereignty, we expect you to be more polite,” Kazempour said.
Earlier this week, Kazempour was quoted by the same outlet commenting on the U.S. push to remove Iranian oil from the market.
“Donald Trump’s call on other countries to stop buying crude oil from Iran and putting European companies under pressure with Nigeria and Libya being crisis-stricken, Venezuela’s crude oil output having plunged and Saudi Arabia’s consumption increasing due to summer, would be a kind of self-harm for the US as it would lead to dramatic price hikes in the oil market. As a result, American consumers would have to pay the price of Trump’s unilateralism at gas stations,” he said.
By Tsvetana Paraskova for Oilprice.com
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