Iranian OPEC official says Donald Trump's tweets causing oil-price hike

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Iranian OPEC official says Donald Trump's tweets causing oil-price hike

The American president Donald Trump has received flak from the Iranian representative at the Organisation of the Petroleum Exporting Countries (OPEC). Hossein Kazempour stated that Trump's tweets were causing a hike to the prices of the oil and that the president shouldn't be engaging in such fashion in the social media platform.

Kazempour's statements came at the Joint Ministerial Monitoring Committee meeting that was held in the Algerian capital of Algiers on Sunday, according to a report published in the CNBC. Kazempour said, "The Trump administration is pushing politics into the OPEC and is aiming at spreading the members and securing their own interests by getting lower prices and so forth.

I think what they are doing actually is (leading to) higher prices because the fundamentals even do not warrant this level of prices. If they kept quiet, the prices would be cheaper, I am confident about that. I am telling him (Trump), keep quiet, do not do any tweets, and then you will be better off in the prices."

The OPEC countries had put a cap on the production and supply of oil back in January 2017 after there emerged that was a surplus in the supply along with Russian oil producers. The current escalation in the war of words between the Iranian administration and the US follows after Trump imposed sanctions on Iran.

The US has also already withdrawn from the 2015 nuclear deal signed with Iran. Come November, the Trump-led administration is also planning to impose a set of sanctions anew on Iran.