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Oil price soon to reach $100 per barrel

Mehr News Agency Oil will soon cost $100 per barrel due to supply disruptions caused by US President Donald Trump, Iran’s OPEC Governor told Reuters on Thursday, warning that expectations that Saudi Arabia and Russia would help bring down prices were in vain.

OilIranian OPEC Governor Hossein Kazempour Ardebili told Reuters that Trump “should have expected” when blocking Iran’s access to the global markets that it would end up as “hostage (to) Saudi Arabia and Russia”, who he said had little vested interest in bringing down prices.

“The responsibility of paying unnecessary prices for oil by all consumers of the whole world, especially in US gas stations, is solely upon your (Trump’s) shoulders and the price of over $100 per barrel is yet to come,” Kazempour said.

Trump has lashed out at OPEC producers to reduce prices, making a claim – later backtracked by the White House – in a tweet on Sat. that Saudi Arabia had agreed to increase oil output by up to 2 million barrels. At the same time, the US president has been exerting pressure on his European allies to stop buying Iranian oil.

 “We are neighbors and will remain so, we know we can and we must live together. No one wants you (Trump) to protect anybody… You are fighting with everybody, Sir, since you came to office,” Kazemoour added.

The Iranian OPEC governor had on Thursday taunted Trump for his tweets urging OPEC to reduce prices, saying the US president’s tweets have backfired, having driven the prices up by at least $10 per barrel.

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