Iran says Trump is why oil prices are now so high

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"These two can't happen together", Zanganeh said, alluding to USA sanctions on Iran's oil sales set to take effect in November.

In a Tuesday speech at the U.N., Trump reiterated calls on OPEC to pump more oil and stop raising prices.

He said: "OPEC and OPEC nations are as usual, ripping off the rest of the world, and I don't like it, nobody should like it".

Commodity merchants Trafigura and Mercuria have warned that the price of oil, now at $69.85 per barrel, could go all the way up to $100 per barrel by the end of 2018 or the beginning of 2019.

And then they take advantage of us by giving us high oil prices.

The IIF said Iranian shippers were also providing generous payment terms and, in some cases, accepting euros and Chinese yuan instead of USA dollars.

"Generally speaking, the EIA inventories were bearish with gasoline inventories rising and a significant increase in gasoline imports", said Andrew Lipow, president of Lipow Oil Associates in Houston.

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OPEC leader Saudi Arabia and its biggest oil-producer ally, Russia, on Sunday rebuffed a demand from Trump for moves to cool the market.

US President Donald Trump is the "main culprit" to blame for a recent surge in oil prices, Iranian Oil Minister Bijan Namdar Zanganeh said on Wednesday. With oil prices hitting a four-year high of $82 per barrel, the U.S. leader slammed the OPEC oil cartel after Saudi Arabia and Russian Federation rejected calls to increase production amid looming United States sanctions on Iran's oil exports.

U.S. crude inventories rose by 1.9 million barrels in the week to September 21, according to U.S. Energy Information Administration (EIA) data.

"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year".

However, he did say that Seoul hasn't bought any Iranian crude "for three continuous months".

Most of the potential supply shortfall has already been priced into the contract, Again Capital's Kilduff said.

A Nigerian oil industry official said OPEC will act to balance the market after oil prices hit a four-year high, but its options may be limited by available spare capacity. In June, the group agreed to restore some of that output and return to its goal of keeping 1.8 million barrels a day off the market.

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