President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on USA ally Saudi Arabia to raise supplies to compensate for lower exports from Iran.
Oil prices fell early on Monday, following comments from the White House that the leader of Saudi Arabia promised President Donald Trump that he can raise oil production if needed.
President Trump has always been critical of OPEC and rising oil prices, and the agreement from Saudi Arabia has a broad impact on global oil supply while other nations, like Venezuela, cope with falling production. They also stressed on the importance of providing supplies when necessary to "achieve common interests and stimulate the global economic growth".
Iran says it will find ways to export its oil, despite what he does.
After reducing production by more than 1.8 million barrels daily since January past year to drain a global glut, the producers decided in Vienna on June 23 to reverse course. "We are working to minimize disruptions to the global market but we are confident there is sufficient global spare oil capacity".
Iran will apply various methods to thwart the US sanctions, Jahangiri said during a meeting of the resistance economy headquarters.
Brian Hook, the State Department's director of policy planning, told a news conference that the USA goal was to get as many countries as possible down to zero Iranian oil imports.
The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.
"The (Iranian) government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", he said.
"If geopolitical risk factors impacting oil start to ease and demand declines on slowing growth, oil may witness heavy losses". "These sanctions will include targeting Iran's automotive sector, trade in gold, and other key metals", he said. The UAE, Kuwait and Saudi Arabia agreed an aid package for Jordan of $2.5 billion.
The cabinet praised the Kingdom and the UAE's adoption of a joint strategy for integration between the two countries economically, developmentally and militarily through 44 projects called "Resolve Strategy". The US. crude stockpiles, already the lowest since January, are expected to tighten further.