Prepared to work with nations that are reducing oil imports from Iran

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

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

Referring to reports that Saudi Arabia may increase its oil exports to replace Iranian oil in world markets, Jahangiri said: "Anyone trying to take away Iran's oil market (share) would be committing great treachery against Iran and will one day pay for it".

USA 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.

Iran had been pushing hard for oil producers to hold output steady as US sanctions are expected to hit its exports.

Saudi Arabia doesn't seem to be in a rush to fulfill Trump's request for an extra 2 million barrels per day.

"US oil diplomacy has at points in the past been highly successful in calming oil markets, and it has generally been more successful the quieter it has been", the analysts wrote.

Outside North America, looming USA sanctions against major oil exporter Iran were the focus of attention.

"It has no meaning for Iranian oil not to be exported, while the region's oil is exported".

(ADNOC) said on Tuesday it could increase production by several hundred thousand barrels per day if needed.




Crude oil prices rose on Tuesday with the US benchmark hitting a four-year high on expected drains in domestic inventories and outages in Libya.

President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close USA allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue from crude oil sales", Hook, the State Department's director of policy and planning, told reporters.

The movement came after Iran reportedly threatened to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions against Iran.

The debate at this time is how to compensate for disruptions in Libya, Venezuela and Iran.

While OPEC leader Saudi Arabia will pick up the slack, Morgan Stanley believes oil markets will be undersupplied by around 600,000 in the second half of 2018.

The president also had tough words for other United States allies.

Hook declined to say if the kingdom can offer that additional supply, but the U.S. is "working to minimize disruptions to the global market", Hook said.

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