Fire at oil refinery in southwest Iran kills 1, injures 18 | News & Observer

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Trump, Iran spar over oil prices ahead of OPEC meeting

(Larry MacDougal/Canadian Press)U.S. President Donald Trump and Iran exchanged sharp words over oil prices on Wednesday, with Trump blaming OPEC for high oil prices and Tehran accusing him of stoking volatility after he withdrew last month from a global nuclear arms deal with Iran. Trump sparked the latest back-and-forth when he renewed his attack on OPEC in a tweet that said oil prices are too high and that the cartel was "at it again." "You cannot place sanctions on two OPEC founder members and still blame OPEC for oil price volatility," he said in a statement to Reuters, referring to itself and Venezuela. The oil supply deal is set to continue through the end of 2018, but plans for its continuation were unclear. "Oil prices are too high, OPEC is at it again.

US could ask Russia for more oil as Iran sanctions loom

as declared in Despite thorny U.S.-Russia relations, the U.S. may press Russia and other producers to expand on their just-announced deal to increase crude output, as the U.S. attempts to cut off Iran from the world oil market. Novak told CNBC on the weekend that the hike was sufficient for now. Analysts expect sanctions against Iran to remove about 500,000 barrels a day from the world market by the end of the year. The sanctions on Iran and the U.S. exit from its nuclear agreement were also opposed by Russia, but sources say Russia was key in swaying Iran. Cohen said, "The broader thing is the sanctions have a potential to get much worse on Russia.

collected by :Frank Ithan