US President Donald Trump said on Monday that major oil companies were making huge profits from higher prices caused by crude oil shortages linked to the war with Iran.
Speaking to reporters at the White House, Trump said: “I don’t like it. They’re making too much money based on a shortage.”
Last month, Iranian Oil Minister Mohsen Paknejad said Iran had sold $11.5 billion worth of oil during the war and a further $6.5 billion during the ceasefire period.
He said lower risks to oil tanker traffic had helped increase exports, allowing Iran to sell part of its stockpile of about 100 million barrels of crude oil and gas condensate.
According to Reuters, Paknejad said the sales generated more than 60 per cent of the oil revenues projected in Iran’s annual budget.
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