Sunday, 23 September, 2018

Trump blasts OPEC, warns European companies against business with Iran

Oil falls as Saudi, Russian output rises Trump blasts OPEC, warns European companies against business with Iran
Orlando Vargas | 03 July, 2018, 02:06

For now, "simple reality dictates that United States secondary sanctions will have a strong impact", Mr Singh said, because "the choice between the United States and Iranian markets is an easy one for most businesses".

WASHINGTON-The Trump administration will consider requests for waivers from economic sanctions against Iran on a "case-by-case" basis, a senior State Department official said Monday, a step back from threats to insist on zero imports by a November 4 deadline. Tehran, however, vowed on Sunday to foil any U.S. bid to block its oil exports.

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump tweeted.

Oil prices rose on Friday on worries that U.S. sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases. On Fox, Trump directed blame at the Organisation of Petroleum Exporting Countries, of which Saudi Arabia is a member.

"Iran will offer its oil in the stock market, and the private sector can transparently buy and sell the crude through this market", Jahangiri added.

The US sanctions that were suspended under the 2015 agreement will become effective again from August 6 - 90 days after President Donald Trump effectively pulled out the deal on May 8 by declining to extend their waiver.

Trump announced earlier this year that he would pull the USA out of the pact, which offered Tehran sanctions relief in exchange for curbing its nuclear program.

Trump threatened in an interview that aired on Sunday to put sanctions on European companies that do business with Iran.

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Stefanie continues to recover from her injuries in a hospital in the Bahamas because she is too critical to be moved. Brooke and Stefanie's father and brother are now traveling to be with them in the Bahamas.


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

Still, Iran vowed on 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.

"We want to defeat America's efforts ... to stop Iran's oil exports", he said.

Last week, a senior US State Department official described tightening the noose on Tehran as "one of our top national security priorities".

"The pace of decline at drawdowns of US inventories is startling", said John Kilduff, a partner at Again Capital Management in NY.

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

Some 50 global companies had announced their intention to leave the Iranian market, particularly in energy and financial sectors, as the United States moved to reimpose the sanctions against Iran, Hook said.

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

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