Iran says Trump 'destabilising' oil market

Trump’s order for OPEC to reduce prices is insulting – Iranian oil minister

Crude Oil WTI futures for delivery in August traded at $74.8 per barrel, or 0.38 percent higher from their previous close.

More importantly, some respected observers refuse to join the popular chorus of Trump bashing and suggest the brash billionaire may be picking a fight with China at just the right time: Stephen Guilfoyle, a Wall Street trader and president of Sarge986, said the president's trade policies have China "by the short hairs".

American oil producers may find a new friend in India as they brace for a trade war with China that could curb US shipments.

Brent crude futures were down 6c or 0.1% at $77.33 a barrel. At the same time, the United States president has been exerting pressure on his European allies to stop buying Iranian oil.

South Korea has been importing Iranian crude at a daily rate of some 296,000 bpd since late March (the start of the Iranian year) and is one of several importers that are trying to win waivers for Iranian crude shipments from Washington.

As part of the retaliatory response, Beijing has threatened a 25 percent tariff on US crude imports, although it has not specified an introduction date.

"The Chinese have to do the tit-for-tat, they have to retaliate", said John Driscoll, director of consultancy JTD Energy, adding that cutting USA crude imports was a means "of retaliating (against) the United States in a very substantial way".

Erdogan vows to advance Turkey under new governance system
The opposition described Monday as the day when a partisan one-man regime officially starts ruling Turkey. The AKP lost its single-party parliamentray majority in the 24 June elections, winning 295 seats.

According to Japan Times, in a harbinger of what's to come, an executive from China's Dongming Petrochemical Group, an independent refiner from Shandong province, said his refinery had already cancelled USA crude orders. He added that his refinery had cancelled USA crude imports and would switch to Middle East or West African supplies instead.

The report said Hojjat al-Islam Mojtaba Zolnour, a hardline member of Iran's parliament, had made the allegation in an interview with a local newspaper. "They (Chinese importers) are not going to be intimidated, or swayed by USA sanctions", he said.

"Iran's exports are some 2.7 million bpd, including condensate", it noted.

In other news, Iran's oil minister accused Trump over the weekend of insulting OPEC by ordering it to boost production and lower down prices.

Indications are growing that show the United States can not rely on Saudi Arabia for too long to make up for the missing Iranian oil supplies once American sanctions are re-imposed against the country.

They said zero-tolerance sanctions on Iran - the fourth-largest oil producer - could add $50 per barrel to crude prices, which are up more than 25 per cent this year.

China responded promptly and slapped duties on the same amount of value unto USA products.

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