Iran to allow private sector to export oil, beat U.S. sanctions

Iran has said it will fight back against U.S. efforts to squeeze Iranian oil exports, accusing countries that fill the gap in oil markets of "a big treachery to the Iranian nation and the world community", according to Iran's First Vice President Eshagh Jahangiri.

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. -European relations, Hook and teams from the State Department and Treasury Department have been traveling to European and East Asian countries to shore up support for this new pressure campaign and try to persuade countries to reduce oil imports.

Oil prices rose on Friday on worries that United States sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

After the USA withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

In particular, the administration points to a recent announcement by Saudi Arabia to increase oil production, with President Trump tweeting Saturday that the country's leader King Salman agreed to increase oil production by 2 million barrels.

Last week, a senior US State Department official described tightening the noose on Tehran as "one of our top national security priorities". "We want to work with these countries to build a strong global effort", he said.

Cristiano Ronaldo should play on for Portugal, coach urges after exit
Russian Federation 2018 was the 33-year-old's third World Cup and it's unlikely he will be available for Qatar four years time. Uruguay is the only team that didn't concede a goal in the first round - in a group containing Russia, Saudi Arabia and Egypt.

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.

Jahangiri greeted Trump's comments with derision, saying: "They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets".

The Treasury Department said the sanctions on Iran would take effect in 90-day and 180-day periods - after August 6 and November 4.

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018.

Without naming Saudi Arabia, Zangeneh wrote "any increase" in production by any member state "beyond commitments stipulated in OPEC's decisions. would constitute (a) breach of the agreement".

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya.

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.