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Oil is surging as the USA pushes allies to end imports of Iranian crude, as global supply disruptions persist and American crude inventories are already at the lowest since January.

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

Buyers of Iranian crude oil have been hoping for relief from US sanctions in order to have more time to reduce purchases.

The restart of those sanctions has global energy buyers nervous as to who will replace those barrels.

An oil tanker is loaded at a Saudi Aramco refinery and terminal in Ras Tanura, Saudi Arabia, in May. "They have to put out another 2 million barrels in my opinion, because we don't want that happening", Trump said.

France's Total has already pledged to sell its stake in an Iranian gas development.

The Canadian Dollar fell following the news, bucking a recent move higher versus the US Dollar.

Notable countries that import Iranian crude include Turkey, India, China and South Korea.

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The premium of near-term US oil over long-dated contracts increased as analysts forecast continued shrinking supplies in the key Cushing, Oklahoma, supply hub.

"In this battle, any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason", he said. But with inventories already below five-year averages and little spare capacity available, oil markets look set to tighten.

US President Donald Trump tweeted on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels".

"They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets", said Jahangiri.

Traders have also been watching U.S. oil production, which has surged by 30 percent over the last two years to 10.9 million bpd, absorbing some of the recent disruptions.

Looming US sanctions against Iran further contribute to expected tightness. Officials say they are determined to keep the oil flowing.

Turkey has also said it would keep up Iranian crude imports, while China, the largest consumer of Iranian crude oil, has criticised the United States for withdrawing from the deal. But he says the USA "is prepared to work with countries that are reducing their imports on a case-by-case basis".

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