OPEC and allies struggle to pump more oil as Iran supply falls

"We will remember. The OPEC monopoly must get prices down now!" he wrote on Twitter.

OPEC's leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, today ruled out any immediate, additional increase in crude output, effectively rebuffing Mr Trump's demands.

Zanganeh was referring to a tweet by Trump in which he linked US support for Middle Eastern countries to oil prices on Thursday and again urged OPEC to lower prices.

The official further underlined the fact that OPEC's Joint Ministerial Monitoring Committee (JMMC) which set to meet on Sunday in Algiers has no authority to impose a new supply arrangement.

Ahead of Sunday's meeting, Saudi Energy Minister Khalid al Falih maintained, while speaking to reporters, that the "markets are adequately supplied", insisting that OPEC does not control oil prices.

OPEC and its allies reduced oil output in August as a drop in Iranian supply due to US sanctions derailed their attempts to raise production to agreed levels, delegates said on Saturday as the energy producers prepared to hold talks in Algiers.

"Saudi Arabia has made the mistake of trying to compensate for the loss of Iranian supplies with just-in-time replacement; but the oil market is looking for greater supply security than that".


Higher gasoline prices for US consumers could create a political headache for Trump before November mid-term congressional elections.

"The biggest issue is not with the producing countries, it's with the refiners, it's with the demand".

"In my opinion, President Trump's statement is the biggest insult to US-friendly states and nations in the region", Zanganeh said.

Trump however, wants output increased by as much as two million barrels per day, as oil prices continue to rise in the USA amid high consumer demand.

Russian Energy Minister Alexander Novak said no immediate output increase was necessary, although he believed a trade war between China and the United States as well as US sanctions on Iran were creating new challenges for oil markets.

Zanganeh criticized any decision by the committee to allow a rise in output by producers.

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