Prepared to work with nations that are reducing oil imports from Iran

03 July, 2018, 02:08 | Author: Kathy Ellis
  • Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill

Tehran, however, vowed on Sunday to foil any USA bid to block its oil exports.

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

Oil prices rose on Friday on worries that USA sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

But Saudi Arabia, OPEC's biggest producer, was keen to raise output to meet calls from Trump and major consumers such as India and China to help cool oil prices and avoid shortages, according to Saudi officials including Energy Minister Khalid al-Falih. On Fox, Trump directed blame at the Organisation of Petroleum Exporting Countries, of which Saudi Arabia is a member. Iran supplied 18.4 million tonnes of crude oil during April 2017 and January 2018 (first 10 months of 2017-18 fiscal). The president also had tough words for other USA allies. Earlier this year, to the chagrin of European partners, Trump said he would pull the United States out of the Iran nuclear agreement secured by world powers.

Trump threatened in an interview that aired on Sunday to put sanctions on European companies that do business with Iran. That's what we're doing.

Iran vowed Sunday to defeat United States efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the worldwide oil market.

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Iran has said it will fight back against USA efforts to squeeze Iranian oil exports, accusing countries that fill the gap in oil markets of "a big treachery to the Iranian nation and the world community", according to Iran's First Vice President Eshagh Jahangiri.

The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its behavior in the region and believes there is enough spare global oil capacity to make up for lower supply from Iran, a senior U.S. State Department policy adviser said on Monday.

Trump said on Fox News' "Sunday Morning Futures" that European companies will face consequences as a result of the US withdrawing from the Iran nuclear deal. It's awful what they do to us, he said.

An oil tanker is loaded at a Saudi Aramco refinery and terminal in Ras Tanura, Saudi Arabia, in May.

Iran possesses the second-largest gas reserves on the planet after Russian Federation and the fourth-largest oil supply, while Saudi Arabia is the world's biggest oil exporter.

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