Macron says Iranian sales will bring down oil prices
US President Donald Trump should stop interfering in the Middle East if he wants the price of oil to stop rising, Iranian Oil Minister Bijan Namdar Zanganeh was quoted as saying on Wednesday.
"Mr. Trump is trying to seriously reduce exports of Iran's oil and also ensure the price of oil does not go up, but these two cannot happen together," 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."
Trump, not the Organization of the Petroleum Exporting Countries, is behind the recent rise in prices, Zanganeh said.
"Trump blames OPEC for what he has created and caused: the rise of the price of oil and disturbance in the market."
OPEC members do not have the capacity to increase production, Zanganeh said.
In a speech at the United Nations on Tuesday, Trump reiterated calls on OPEC to pump more oil and stop raising prices. He also said the US would impose further sanctions on the Iran.
The United States will apply sanctions aimed at halting oil exports from Iran, the third-largest producer in OPEC, starting on Nov. 4. The pending loss of Iranian supply has been a major factor in the recent surge in crude prices.
French President Emmanuel Macron on Tuesday responded to Trump’s criticism of high oil prices, saying that if had not reimposed sanctions on Tehran, prices would not have risen as much.
Speaking at a press conference at the UN headquarters in New York, Macron said Iran should be able to sell oil to bring down prices.
“If he goes to the end of his logic, he’ll see that it’s good for the oil price that Iran can sell it,” Macron said. “It’s good for peace and global oil prices. Otherwise there is an impasse in the rationale for which I don’t have the answer. It’s an economic reality ... supply and demand.”
Reuters and AFP contributed to this story.