Trump blasts OPEC over manipulating oil markets

Iran to allow private sector to export oil, beat US sanctions

Iran to allow private sector to export oil, beat US sanctions

"We will surely do something to thwart the U.S. rallying cry that Iranian oil (exports) must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.

The U.S. wants to cut Iran's oil export, but everyone, with even a limited knowledge of worldwide affairs, knows that such thing is impossible, the official added.

Trump said on Fox News' "Sunday Morning Futures" that European companies will face consequences as a result of the USA withdrawing from the Iran nuclear deal.

Since President Donald Trump withdrew the US from the Iran deal, his administration has been pushing for allies to stop importing Iranian oil before sanctions snap back into place in November.

European countries have been attempting to negotiate exemptions for their firms, but the official confirmed that US President Donald Trump intends to stick to his deadline.

"Yes, of course. That's what we're doing".

Jahangiri's remarks came a day after Trump said that Saudi Arabia's King Salman had agreed to his request to ramp up oil production.

"He has agreed!", though statements from Saudi media have made no mention of an agreement to raise Saudi oil production.

Jahangiri said it was not that "simple".

Jahangiri said: "They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets".

"Our focus is on getting as many countries importing Iranian crude down to zero as soon as possible", Hook said - a slight step back from what a senior State Department official who briefed reporters last week said, that all allies must be at zero imports by November 4.

"A fall in the price per barrel won't serve the interests of the big oil producers", Kaddour stressed.

Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia.

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude oil sales", Hook said.

"It depends on the conduct of other governments", Bolton said.

"Any increase in the production by any member country beyond commitments stipulated in OPEC's decisions ... would constitute a breach of the agreement", Zanganeh wrote in his letter, seen by Reuters and also reported by state media on Sunday.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya.

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