UNITED NATIONS (Pakistan Point News / Sputnik - 26th September, 2018) The world's oil market will benefit if Iran is allowed to keep selling its oil, French President Emmanuel Macron said on Tuesday commenting on US President Donald Trump's criticism of high oil prices.
Last week, Trump blamed the Organization of the Petroleum Exporting Countries (OPEC) for pushing oil prices higher.
"I think that if he [Trump] goes to the end of his logic he will see that it will be good for the oil price if Iran can sell it. It is good for peace and global oil prices," Macron told reporters at the UN General Assembly.
Iran's envoy to OPEC Hossein Kazempour Ardabili said on Monday that other OPEC members would not be able to compensate for missing Iranian oil supplies after US sanctions against Tehran enter into force in November.
The United States started reimposing sanctions on Iran after withdrawing from the Iran nuclear deal in May. In early August, Washington imposed the first package of sanctions targeting Iran's purchase of US Dollar banknotes, trade in gold and other metals as well as transactions involving its national Currency.
The second package is set to be introduced in early November and hit Iran's energy sector and oil exports, among other things.
