Halting Iranian oil export is an illusion: Jahangiri

Halting Iranian oil export is an illusion: Jahangiri

"Continuation of exporting oil is symbol of victory against the USA sanctions and I hope we would witness this great victory through planning by the Oil Ministry", the vice president explained.

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

In Asia, the world's top oil consuming region, seaborne oil imports have been falling since May, as higher costs turned off consumers and as the escalating trade dispute between the United States and China starts to impact the economy.

Iran announced on Sunday that it would permit private companies to export crude oil as Tehran attempts to thwart USA sanctions against the country's oil industry.

After Trump announced his withdrawal from the Iranian nuclear agreement, Hook said the American diplomatic teams from the State and Treasury are bringing with them a message of cooperation and coordination.

Brent for September settlement advanced $1.05 to $78.35 a barrel on the London-based ICE Futures Europe exchange.


Donald Trump is urging oil producing countries except Iran to boost output. Oil prices rose to multiyear highs last week after USA officials signaled the administration would act to cut Iran exports faster than expected and.

The premium of near-term US oil over long-dated contracts increased as analysts forecast continued shrinking supplies in the key Cushing, Oklahoma, supply hub.

The Kingdom, which has been pumping around 10 million barrels per day, holds the largest spare capacity in the world and is the only country that can add substantial supply to the market.

OPEC pledged to relax compliance with an agreement that helped balance an oversupplied market, but that might not be enough to address a looming deficit of around 2 million barrels per day. "Since Venezuela and Libya failed to produce, OPEC countries made a decision to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level". The president also had tough words for other United States allies.

Trump will visit Europe this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticized sharply as paying too little for their joint defense.

"I want to wait until after the election", he said.

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