Trump blasts OPEC, warns European companies against business with Iran

The US' harsh trade sanctions on Iran has the US asking allies to embargo Iranian oil from their markets, despite the US being the only country that has withdrawn from the Iran accord, but President Trump's vehemence that Iran be punished by being locked out of oil markets is still keeping oil prices elevated, and Trump is in the tenuous position of wanting to keep oil prices lower while also barring Iranian oil production.

Jahangiri greeted Trump's comments with derision, saying: "They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets".

"It has no meaning for Iranian oil not to be exported, while the region's oil is exported".

So, how much support can Trump garner for his economic assault against Iran?

Saudi Arabia, the world's top crude exporter, said on Tuesday it was prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market.

"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.

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The US earlier this year withdrew from the deal limiting Iran's nuclear programme in return for allowing the company to resell its oil on world markets.

Adding more fuel to the fire was Donald Trump's USA administration urging oil buyers to cut off Iran. "We are also working with oil market participants, including producers and consumers, to ensure market stability". "Of course. That's what we're doing, absolutely", he said. "Their companies - their companies will be subject to the same sanctions that everybody else's are if they engage in those sectors of the economy that are sanctionable, where there were sanctions imposed prior to 2015", the unnamed U.S. State Department Official told the media on June 26. Officials say they are determined to keep the oil flowing.

In May, the US retreated from a multilateral deal with Iran regarding its nuclear disarmament program, and imposed sanctions to limit the world's fourth largest oil exporter's access to global markets.

The announcement comes several days after S President Donald Trump claimed that the monarchy has agreed to raising the oil output to take on Iran and Venezuela.

"Our attempt is to defeat USA policies in the sale of oil and we are pretty sure we will sell our oil as much as we need", he added.

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

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