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

Despite impact on prices, U.S. will aim to bring Iran's oil revenue to zero

Hassan Rouhani calls Trump plan to end Iranian oil exports 'a baseless fantasy'

Iran, however, says that they intend to try to circumvent the United States ban with new rules to make it easier to export oil.

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

"The (Iranian) government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", he said. "Of course. That's what we're doing, absolutely", he said.

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

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 global oil market.

On Tuesday a senior State Department official described tightening the noose on Tehran as "one of our top national security priorities".

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President TrumpDonald John TrumpScaramucci warns Trump must "change tactics now" on trade Trump sought to purchase historic Scottish building for hotel: report Republican wins right to replace Farenthold in Congress MORE said Sunday that the US will "absolutely" sanction European companies that do business with Iran. "He has agreed!", though statements from Saudi media have made no mention of an agreement to raise Saudi oil production.

"Member nations of the Organisation of Petroleum Exporting Countries (OPEC) and the leading non-OPEC oil producer Russian Federation, should maintain the Algiers Pact they forged in September 2016 so that oil prices will continue to ramp up", Sonatrach CEO Abdelmoumen Ould Kaddour said.

"In this battle, any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason", he said. The White House has said the USA will put those sanctions back into place. On Fox, Trump directed blame at the Organisation of Petroleum Exporting Countries, of which Saudi Arabia is a member. Also, a narrowing spread between Brent crude and Dubai oil gives Indian Oil even more options, the head of the state-run refiner known as International Olympic Committee, one of Iran's largest customers, said in an interview.

The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.

Without naming Saudi Arabia, Zangeneh wrote "any increase" in production by any member state "beyond commitments stipulated in OPEC's decisions. would constitute (a) breach of the agreement".

He explained that it was hard to anticipate how the market would integrate with a possible increase in crude oil output from major producers, referring to Saudi Arabia and Russian Federation.

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