INTERNATIONAL - Iran slams Trump's 'interfering' remarks on OPEC

US President Donald Trump has been pressuring OPEC and in particular Saudi Arabia to ramp up output by as much as 2 million barrels a day

Bijan Zanganeh condemned the USA president for trying to politicize the decisions of the Organization of the Petroleum Exporting Countries (OPEC).

"But some political measures and instabilities spark concerns in the oil market and increase its price, including Trump's insulting order to some OPEC members", Zanganeh said.

"It's an insult to the people and national sovereignty of these countries and it also destabilises the market", he added.

South Korea will not lift any Iranian crude and condensate in July for the first time since August 2012 amid US pressure to cut all imports of Iranian oil from November, three sources familiar with the matter said on Friday.

Earlier this week, Trump lashed out at OPEC, accusing the oil organization of failing to help the United States to reduce domestic gasoline prices.

On Wednesday Trump took to Twitter to accuse Opec of "driving prices higher" and insisted there "must be a two way street".

In Canada, an outage at the 360,000-barrel per day (bpd) Syncrude oil sands facility reduced flows into Cushing, Oklahoma, the delivery point for USA futures.

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Iran, the fourth-largest oil producer, accounts for five per cent of global oil supply and cutting its exports to zero could push oil up by $50 barrels per day (bpd) if Saudi cannot keep up, said analysts at BofA Merrill Lynch Global Research. This statement comes in the wake of fresh sanctions on Iran after US President Donald Trump made a decision to pull out of the nuclear deal with Iran. Now after the United States pulled out from the Iran Nuclear Deal, India has been in a dilemma over India-Iran trade especially that of oil.

On Saturday, a petroleum ministry official told state-run IRNA news agency that the USA sanctions against Iran's oil exports will weaken the OPEC. He said that Iran has helped India significantly on strategic issues like energy and connectivity yet India has not kept up its promises of investment in the Chahbar port.

"Iran's oil will not lose its customers because a lot of companies are buying oil from the country", said Moayyed Hosseini Sadr, the ministry advisor.

The oil minister accused U.S. President of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of U.S. pressure, Reuters reported. The US has directed all countries to stop all their oil imports from Iran by November 4 in a bid to isolate Iran's funding channels.

"The embassy of the Republic of Korea denies any claims that it would not lift any Iranian crude and condensate in July", the South Korean embassy responded to the report. "South Korea overall is lifting zero oil (from Iran) for July loading".

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