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Trump’s foreign policy, causing soaring oil prices

UNITED STATES (OBSERVATORY) –¬†While crude oil prices jumped by 10% in the space of a dozen days, US President Donald Trump pointed an accusing finger at OPEC, instead of questioning the consequences and the devastating effects of American diplomacy, including, and especially, the recent Western strikes sponsored by Washington against Syria, on this surge in crude prices.

In recent days, a barrel of crude has jumped 10% to reach its highest price since 2014, nearly 75 dollars. What was the reaction of the American president? He blamed OPEC for the fact that the rise in the price of oil is, visibly, linked to the geopolitical tensions of recent months, particularly the strikes of the USA / France / Great Britain trio against the Syria, April 14th.

As usual, he posted a message on Twitter in which he criticized OPEC policies: “It looks like OPEC is putting this back. With record amounts of oil everywhere, including fully loaded ships, oil prices are artificially high! Not good and it will not be accepted! ”

Just as RT has also said, the US economy is caught between a weak dollar and expensive oil. In other words, such a high oil price could certainly jeopardize Donald Trump’s economic policy that lets the dollar weaken in favor of US industrial production.

There is one point that deserves consideration: the United States has conflictual relations with many countries, major exporters of oil OPEC including Iran. Washington’s hostile policies towards Iran are further agitating the markets. Venezuela is another important member of OPEC who opposes US policies. Before his dismissal on March 13, US Secretary of State Rex Tillerson threatened to freeze hydrocarbon purchases from Venezuela, which holds the world’s first oil reserves.

US foreign policy, which has had catastrophic effects on the price of oil, can not, unfortunately, guarantee the US economic support of their allies including Saudi Arabia, which despite its excellent relations with the United States, could closer to Russia, the world’s leading producer of crude oil. Thus the power of the dollar will be questioned: many oil producing countries, including Venezuela, China and Iran, are resolved to counter the hegemony of the US currency.

Announcing, at the end of February, that orders placed in dollars will no longer be included in the import procedure, Iran has joined China, India and Russia and has reached a crucial stage towards “de-dollarization” in its import market by replacing it with other currencies.

Mehdi Karampour, Director of International Affairs of the Central Bank of Iran, said the measure came into effect on Wednesday (February 28th) following a letter sent to the Ministry of Mines and Trade.