Iran announces plan to circumvent U.S. oil sanctions


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

One of Iran's biggest oil buyers said it has enough alternative sources of crude to replace any supplies cut off by U.S. sanctions on the Persian Gulf state - even if shipments stop completely.

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump tweeted. "He has agreed!", though statements from Saudi media have made no mention of an agreement to raise Saudi oil production.

Oil prices have been rising despite OPEC and Russian Federation agreeing to increase production by 1 million barrels per day from the start of this month.

Oil prices climbed on Tuesday after Libya declared force majeure on some of its supplies, although an overall rise in OPEC output and an emerging slowdown in demand held back markets.

"The Iranian government has a plan".

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His remarks came in the light of his controversial decision earlier this year to pull America out of the Iran nuclear deal and reimpose sanctions - a move strongly opposed by Europe.

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.

Russian output rose to 11.06 million bpd in June from 10.97 million bpd in May, the Energy Ministry said on Monday.

Trade tensions are likely to overshadow that trip.

Rouhani's visit comes almost two months after US President Donald Trump unilaterally pulled out of the nuclear agreement, to the ire of the other signatories - China, France, Germany, the United Kingdom and Russian Federation - which along with the European Union have continued to back the accord.

Iranian Supreme Leader Ayatollah Ali Khamenei says he believes the USA sanctions are meant to turn the public against the government, and won't succeed. Off-topic, inappropriate or insulting comments will be removed.