Iran announces plan to circumvent United States oil sanctions

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

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

Indian Oil Corp. Chairman Sanjiv Singh says Saudi Arabia alone can cover most of the world's supply shortfall in case Iran's oil exports dry up.

On Sunday, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", Trump reiterated his call on Saudi Arabia to raise production to a new record, arguing that it should help the United States lower fuel prices since Washington is helping Riyadh in its struggle against Tehran.

Iran will allow private companies to export crude oil, part of a strategy to counter U.S. sanctions, and is urging fellow OPEC members, including regional rival Saudi Arabia, not to break output agreements, state media and officials said on Sunday.

Last week, OPEC countries and other major oil producers that participated in the 2016 Vienna deal agreed on increasing production to one million barrels per day, which is the volume of the countries' over-compliance with the agreement.

"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products", Jahangiri said.

"With the oversupply fears still lingering in the background, rising production from OPEC+1 and United States shale, plus trade war fears, could negatively impact oil prices".

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"And I have a very good relationship with the (Saudi) king and with the crown prince of Saudi Arabia and with the others around and they are going to have to put out more oil".

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

Trump will visit Europe this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticized sharply as paying too little for their joint defense.

As a result of those sanctions, companies that do business with Iran could face penalties from the U.S. It was previously unclear if the U.S. would penalize European nations that chose to remain in the Obama-era agreement.

Trade tensions are likely to overshadow that trip.

European countries have been attempting to negotiate exemptions for their firms, but the official confirmed that US President Donald Trump intends to stick to his deadline. Off-topic, inappropriate or insulting comments will be removed.

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