Trump Slams Oil Companies for Profiting from Iran War

US President Donald Trump criticized major oil companies for profiting from higher prices caused by crude oil shortages linked to the war with Iran. Speaking at the White House, Trump stated that 'I don't like it. They're making too much money based on a shortage.'

Last month, Iranian Oil Minister Mohsen Paknejad reported that Iran had sold $11.5 billion worth of oil during the war and an additional $6.5 billion during the ceasefire period. Lower risks to oil tanker traffic contributed to increased exports, allowing Iran to sell part of its stockpile of about 100 million barrels of crude oil and gas condensate.

According to Paknejad, the sales generated more than 60 per cent of the oil revenues projected in Iran's annual budget. Trump's comments suggest that he may be concerned about the windfall profits being made by major oil companies due to the conflict with Iran.