Iran says no need to extend OPEC, non-OPEC pact if crude oil prices rise – SHANA

Reuters– Iran’s oil minister said there would be no need to extend a pact between OPEC and non-OPEC producers aimed at bolstering oil prices if the crude price continued to rise, the ministry’s official website SHANA reported on Monday.

“There will be no decision on this in OPEC’s next meeting … if oil prices continue to increase, there will be no need to extend the deal,” Bijan Zanganeh was quoted as saying by SHANA.

Since early 2017, members of the Organization of the Petroleum Exporting Countries (OPEC), Russia and other non-OPEC crude producers have curbed output with the aim of eliminating a global oil glut.

The pact runs until the end of 2018. Participants wlil discuss at an OPEC meeting in Vienna in June whether to extend the deal.

U.S. President Donald Trump accused OPEC on Friday of “artificially” boosting oil prices.

“Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!” Trump wrote on Twitter.

Zanganeh accused Trump of not favouring lower oil prices.

“Based on our information, Trump prefers higher oil prices to increase America’s oil production and tax income and to create more jobs in America,” Zanganeh said.

“Trump accuses OPEC for price hike, while it has nothing to do with OPEC.”

Writing by Parisa Hafezi, editing by Louise Heavens and Adrian Croft