Iran issues oil warning as UAE says production can rise

Iran issues oil warning as UAE says production can rise

Iran issues oil warning as UAE says production can rise

The private sector in Iran was allowed to export crude oil in a bid to thwart USA sanctions, Iran's first vice president said here on Sunday.

President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on US ally Saudi Arabia to raise supplies to compensate for lower exports from Iran. The State Department's threats to China and India intends to drive Iran exports completely off the market.

International Olympic Committee plans to buy 7 million tons of crude from Iran in the year ending March 31 versus 4 million tons in the previous fiscal year, A.K. Sharma, director of finance at the refiner, said in May.

Hook declined to say if the kingdom can offer that additional supply, but the United States is "working to minimize disruptions to the global market", Hook said. He said it is not possible that Iran will not be able to export its oil while others in the region will be free to do that.

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.

The issue is of concern as crude oil prices hit four-year highs.

The president, in an interview with Fox News's "Sunday Morning Futures with Maria Bartiromo also piled pressure on close USA allies with a threat to sanction European companies that do business with Iran".

Eshaq Jahangiri made the comments Sunday in a televised speech.

"In my opinion, the assumption that one day all the oil producing countries would export their surplus oil and Iran would be the only country unable to export its oil is false and unwise" he told a joint news conference with Swiss President Alain Berset in Bern.

Trump subsequently expressed concern about oil prices last week, announcing in a tweet that he and King Salman of Saudi Arabia had agreed to raise daily oil production by 2 million barrels. "They have to put out another 2 million barrels in my opinion, because we don't want that happening", Trump said.

The United States exited from the nuclear deal between Iran and world powers in May and said it would reimpose economic sanctions on the Islamic republic and its business partners by November 4.

But members did not reach a decision "to assign any allocated production level of any member to others", Iran's oil minister Bijan Zangeneh said in a letter addressed to the oil cartel published by the ministry's Shana news agency.

According to the Reuters survey, the Saudi allies in the Gulf-the UAE and Kuwait-maintained steady production in June compared to May, so they have yet to increase production following the Saudi lead.

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