Trump tweet biggest insult to USA allies in ME: Iran

Saudi energy minister rips Trump tweet: 'I do not influence oil prices'

"We will remember. The OPEC monopoly must get prices down now!" he tweeted.

Iran will keep on selling oil in defiance of United States attempts to prevent Tehran from reaping profits from its major export earner, according to the head of the Iranian delegation at Sunday's meeting of oil producers in Algiers.

Opec leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday ruled out any immediate extra increase in output, effectively rebuffing a call by per cent President Donald Trump for action to cool the market.

Mr Trump called on the Organisation of the Petroleum Exporting Countries (OPEC) to lower prices.

Sales of Iranian crude have fallen as buyers remain wary of penalties from sanctions due to take effect from November.

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And the World Cup-winning midfielder claimed his words after the Wolves match have been taken out of context. "I wish I could", he said.


With U.S. sanctions against Iran, the third-largest producer in OPEC, looming, U.S. investment bank J.P. Morgan said in its latest market outlook that "a spike to $90 per barrel is likely" for oil prices in the coming months.

Three sources familiar with the matter told Reuters in early July that South Korea would not lift any Iranian crude and condensate that month, halting all shipments for the first time in six years amid USA pressure to cut all imports of Iranian oil from November.

"I do not influence prices", Saudi Energy Minister Khalid Al-Falih told reporters as OPEC and non-OPEC energy ministers gathered in Algiers for a meeting that ended with no formal recommendation for any additional supply boost.

Unplanned disruptions from Venezuela to Libya and Nigeria have further tightened the market just as global demand approaches 100 million bpd for the first time.

Iranian Oil Minister Bijan Namdar Zanganeh said Iran will definitely veto any decision which threatens its interests.

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Falih said returning to 100 per cent compliance was the main objective and should be achieved in the next two to three months.

Although he refrained from specifying how that could be done, Saudi Arabia is the only oil producer with significant spare capacity.

Hossein Kazempour Ardebili, Iran's ambassador to the Organization of the Petroleum Exporting Countries (OPEC), said none of the current major producers including Saudi Arabia and Russian Federation had the technical capability to fill the gap that would be created as a result of a potential halt in Iran's oil exports.

When Trump in May announced plans to reimpose sanctions on Iran's oil exports, the market estimated a cut of about 300,000 to 700,000 barrels a day, according to Trafigura's Luckock.

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Officials from Yameen's PPM party told Reuters that results from areas where he has strong support have yet to be released. China's foreign ministry did not immediately respond to a request for comment on Monday, a public holiday.


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