A senior Iranian oil official urged US President Donald Trump not to use the country's Strategic Petroleum Reserve to lower prices and, instead, suspend sanctions on Iran's oil exports.
"I advise you, Mr. President, to avoid touching the SPR – to cool down and renounce the sanction of Iranian oil," said Hossein Kazempour Ardebili, Iran's representative to the Organization of the Petroleum Exporting Countries (OPEC), by e-mail .
The Trump administration is actively considering tapping into the country's emergency oil inventories as political pressure increases before the legislative elections in November, according to people familiar with the matter. Mr. Trump is also trying to stifle Iran's oil exports after abandoning a nuclear deal with the country.
"Mr. President, as I have anticipated before, it seems that you are resorting to the SPR due to the fact that there is no additional capacity to cover Iranian exports, but there will be many repercussions "said Kazempour.
Mr. Trump is pushing Saudi Arabia and other OPEC members to fill any supply gap that arises when the US sanctions. UU Reduce exports of Iranian crude. Iranian flows could be cut in half once the US sanctions come into effect on November 4, according to the International Energy Agency. The country sends around 2.5 million barrels per day.
U.S. The government teams recently visited Saudi Arabia to ensure that global markets continue to supply adequately after the deadline. Producers such as Saudi Arabia, the United Arab Emirates and Russia have announced their intention to increase supply.
"Saudi Arabia, the United Arab Emirates and Russia intended to deliver 2.5 million barrels per day of Iranian exports," said Mr. Kazempour. He said. "That was a miscalculation, Mr. President: it has fallen into its trap, and prices will rise."
It is not the first time that the Iranian official responds to Mr. Trump's policies. Earlier this month, Mr. Kazempour said the President's tweets criticizing OPEC had raised oil prices by around $ 10 a barrel.
"If in Iran we left our exports for only a month to show what it can contribute to the world economy, you would have thought twice," said Kazempour. "But we are a civilized nation and a responsible government."