Iran announces plan to circumvent USA oil sanctions

Anyone trying to take away Iran's oil market would be committing great treachery against Iran and will one day pay for it' Iranian Vice President Eshagh Jahangiri said on Sunday

Although the European signatories to the Iran deal - Britain, France and Germany - lobbied hard for Trump to stay in the accord, their companies are likely to acquiesce to the renewed sanctions.

REUTERS/Jonathan ErnstSaudi Arabia's King Salman bin Abdulaziz Al Saud (L) receives US President Donald Trump for the Arab Islamic American Summit in Riyadh, Saudi Arabia May 21, 2017.

The White House said Saturday that King Salman had promised President Donald Trump that he would raise oil production if needed.

Saudi Arabia is the world's top oil exporter and has usually kept at least 1.5 million to two million barrels per day of spare capacity, according to the US Energy Information Administration.

As one of the top two oil-producing countries, USA officials have been urging Russian Federation and also other exporters to increase their output.

First, the United States, because of its vulnerability to world oil prices, has to once again request that the Saudis increase production, compromising Washington's leverage while conducting foreign policy.

Abu Dhabi said it's ready to increase oil output in line with guidance set by OPEC and allied producers.

Based on OPEC's statement, we at FxWirePro calculated the amount to be somewhere between 500,000 barrels per day (bpd) to 600,000 bpd.

More news: These 3 NBA Stars Will All Be Lakers Targets In 2019

Trump warned close U.S. allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.

Traders have also been watching US oil production C-OUT-T-EIA, which has surged by 30 percent over the last two years to 10.9 million bpd, absorbing some of the recent disruptions.

Iran's First Vice President Eshaq Jahangiri on Sunday warned its rival OPEC producer Saudi Arabia it would never take Tehran's "place" on the global oil market.

Saudi Arabia's cabinet on Tuesday endorsed the kingdom's readiness to pump more oil to maintain market balance and stability, the official Saudi Press Agency (SPA) said.

Saudi Arabia now produces some 10 million barrels of crude oil each day. With oil prices rising ahead of US November midterm elections, Mr Trump has tweeted his frustration three times to no avail. Last week, OPEC producers voted to ramp up crude production by up to 1 million barrels per day (bpd), a decision that should help contain the recent rise in global energy prices. Asked if someone was manipulating oil markets, Trump said: "OPEC is and they better stop it because we're protecting those countries, many of those countries".

He added that it is "incorrect and unwise" to think that "one day all oil producing countries would export their surplus oil and Iran would be the only country that can not export its oil".

Oil held near US$74 a barrel amid estimates that U.S crude inventories declined for a fourth week, compounding concerns that global markets are growing increasingly tight.

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