Trump blasts OPEC, warns European companies against business with Iran

Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill

Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill

The U.S. wants to cut Iran's oil export, but everyone, with even a limited knowledge of global affairs, knows that such thing is impossible, the official added.

President Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close US allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran. Tehran, however, vowed on Sunday to foil any United States bid to block its oil exports.

The leader of Saudi Arabia promised U.S. President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday.

"Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way", Jahangiri said at the event.

Oil prices had risen 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.

Jahangiri's remarks came a day after Trump said that Saudi Arabia's King Salman had agreed to his request to ramp up oil production.

On Fox, Trump directed blame at the Organization of Petroleum Exporting Countries, of which Saudi Arabia is a member.

"There seems to be great uncertainty about how much oil will be added to the supply side of the market", said Gene McGillian, vice president of market research at Tradition Energy in Stamford, Connecticut, referring to how much Saudi Arabia's spare capacity will be able to offset shortages around the world.

The president also had tough words for other USA allies.

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.

The US "down to zero" plan rests heavily on banning India and China from buying from the Iranians, and while Indian companies have suggested they will dial it back, China remains in the nuclear deal and nearly certainly won't give in to US demands.

"We have been clear with countries and companies around the world that we are bringing severe economic pressure on Iran until the regime changes its destabilizing policies", Hook said.

Iran has vowed to thwart USA efforts to block its oil exports by allowing private companies to export crude oil.

Some 50 worldwide 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.

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 USA inventories is startling", said John Kilduff, a partner at Again Capital Management in NY.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.