US aims to reduce Iran’s oil revenue to zero

Iran announces plan to circumvent US oil sanctions

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

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

He also suggested, however, that there would be some legroom with other countries that import Iranian oil from avoiding immediate sanctions, once they are set to be re-imposed come November 4.

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

Benchmark Brent crude oil fell $1.24 a barrel to a low of $77.99 before recovering to around $78.50, down 73 cents, by 0935 GMT.

At the same time, Iranian Oil Minister Bijhan Zanganeh reminded Riyadh that "any increase in the production by any member country beyond commitments stipulated in OPEC's decisions. would constitute a breach of the agreement".

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The cabinet stressed that one of the most important objectives of the kingdom's petroleum policy is to always seek to achieve balance and stability in oil markets, as well as to coordinate and consult with other producing countries and major consuming countries.

"The Trump administration's plan for Iran sanctions is now abundantly clear".

US crude oil production stagnated for the first week in many months, reaching 10.9 million bpd in the week ending June 22, holding steady for three weeks in a row, according to the EIA. "They don't want our farm products".

Iran possesses the second-largest gas reserves on the planet, after Russian Federation, and the fourth-largest oil supplies, while Saudi Arabia is the world's biggest oil exporter.

Saudi Arabia's spare production capacity is estimated to be around 2 million barrels per day. Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections. The president also had tough words for other USA allies. "I would assume that infrastructure investment is quite energy intensive, so perhaps that had a knock-on effect to oil demand", said Frederic Neumann, Co-Head of Asian Economic Research at HSBC in Hong Kong".

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