US President Donald Trump warned Organization of the Petroleum Exporting Countries (OPEC) to stop the manipulation of oil markets. He also threatened European companies of sanctions if they maintain business with Iran.
Donald Trump smashed European Organizations and OPEC. He said that they will impose sanctions on European companies if they will not stop doing business with Iran. In addition, he also warned OPEC that it should refrain itself from the oil prices manipulation. Donald Trump said that he will not make a new North American Free Trade Agreement (NAFTA) deal with Mexico or Canada until the 2018 congressional elections.
Donald Trump revealed that Saudi Arabia’s Leader Salman bin Abdulaziz agreed to increase the oil production. However, oil prices significantly increased on Friday. However, it was due to worries that the US sanctions against Iran will pull high volume of crude oil from international markets. However, rising oil prices can create a political turmoil for President Trump before the upcoming elections in November.