Iran vows to foil U.S. bid to block oil exports

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Iran vows to foil U.S. bid to block oil exports

Trump continued, "prices too high!"

President TrumpDonald John TrumpScaramucci warns Trump must "change tactics now" on trade Trump sought to purchase historic Scottish building for hotel: report Republican wins right to replace Farenthold in Congress MORE said Sunday that the us will "absolutely" sanction European companies that do business with Iran. "He has agreed!", though statements from Saudi media have made no mention of an agreement to raise Saudi oil production.

Some key countries are reliant on Iranian oil imports, including India and Turkey.

Some customers in Asia are already considering acquiescing to President Donald Trump's demand to end trade with Iran by early November when sanctions aimed at curbing the Islamic republic's nuclear program come into effect.

The Trump administration is standing by its plan to reduce Iran's oil revenue to zero in a bid to isolate the country and force its leaders to change their behavior, a senior State Department official said Monday.

According to a Reuters survey, Saudi Arabia's output is up by 700,000 barrels per day from May, while Russian output is up to 11.06 million barrels per day in June from 10.97 million barrels per day in May, according to the Russian Energy Ministry, cited by Reuters.

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".

Trump's suggestion means he wants Riyadh to increase production to 12 million bpd - something the kingdom has never done in the past.

Iranian Supreme Leader Ayatollah Ali Khamenei says he believes the United States sanctions are meant to turn the public against the government, and won't succeed. 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.

Mr Trump took another swing at his European allies saying they dealt unfairly with the United States over trade. Off-topic, inappropriate or insulting comments will be removed.

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