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Trump's Impact on Oil Market Downplayed

Trump's Impact on Oil Market DownplayedTrump's Impact on Oil Market Downplayed

US President Donald Trump’s hardened stance on a multinational nuclear deal between Iran and six major powers will not have much impact on global oil prices, Oil Minister Bijan Namdar Zanganeh told state TV on Sunday, Reuters reported. "The oil markets were closed [on Saturday and Sunday], but I doubt that these statements will have a major impact on crude prices," Zanganeh was quoted as saying by IRNA. Trump refused on Friday to formally certify that Tehran was complying with the 2015 accord even though international inspectors say it is. He warned he might ultimately terminate the agreement. Other officials have also played down the potential impact of Trump's decision. On Saturday, Gholamreza Manouchehri, deputy head of the National Iranian Oil Company, said it is business as usual for Iran and foreign companies in oil and gas development projects. "The US government's pressure and statements have not affected the cooperation of international companies with Iran and everything is underway as usual," he said.

 

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