16:52 GMT +317 October 2019
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    In this Saturday, Jan. 23, 2016, file photo, an oil pump stands as the Saudi Hawks Aerobatic Team of the Royal Saudi Air Force performs during the Bahrain International Airshow in Sakhir, Bahrain

    Please Stop This: Iran’s OPEC Chief Says Trump’s Tweets Raise Oil Price by $10

    © AP Photo / Hasan Jamali, File
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    US President Donald Trump's calls to the Organization of the Petroleum Exporting Countries (OPEC) to help reduce oil prices have produced the opposite effect, raising prices by $10.

    Iranian OPEC Governor Hossein Kazempour Ardebili, for his part, didn't waste time mocking the US president, saying that Trump had raised prices through his tweets and if he continued to do so, there would "not be that much oil available to respond to your [Trump's] orders."

    "Your tweets have increased the prices by at least $10. Please stop this method," stated Ardebili as quoted by the SHANA news agency on Thursday.

    Last Sunday Trump tweeted that Saudi Arabia had agreed to increase oil output by up to two million barrels in order to lower prices, and compensate for falling outputs in oil-rich Venezuela and Iran.

    The official Saudi Press Agency (SPA), however, mentioned later that Trump and King Salman had simply agreed on "a need to make efforts to maintain the stability of oil markets," without concluding any formal deal.

    READ MORE: Why Russia, OPEC May Have Just Drowned US Shale Oil Ambitions

    Following the report, the US president expressed disapproval of OPEC in a tweet.

    OPEC countries and other oil producers reached an agreement at the end of 2016 to reduce oil output by 1.8 million barrels per day compared to October 2016. The deal, aimed at boosting oil prices, was extended twice, with the last one set to last until the end of 2018.


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