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Iran oil minister says U.S. sanctions responsible for rise in oil prices

Bijan Zanganeh

Iran’s Oil Minister Bijan Zanganeh has rejected U.S. President Donald Trump’s remarks that OPEC is to blame for the rise in oil prices.

“Trump wants oil prices not to rise and expects OPEC to boost production, but this organization has no power to increase production,” he added during a meeting with the Iranian parliament’s Energy Commission on Wednesday.

“OPEC is not responsible for the oil price increase. He himself is responsible for the current conditions. For the prices to drop, he needs to forget about Iran sanctions.”

U.S. President Donald Trump has been accusing OPEC of pushing oil prices too high, demanding the group to decrease the prices.

“If Trump wants to bring stability to the oil market, he should suspend sanctions on Tehran,” Zanganeh added.