Trump administration seeks to drop Iran's oil revenue to nothing

Trump administration seeks to drop Iran's oil revenue to nothing

"Iran. OK. You think of it. Iran is their big enemy, so they are going to have to do it", Trump said.

He hopes that will keep prices low - and motorists happy with cheaper fuel - as he tries to force the Iranians out of the market.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya.

So, how much support can Trump garner for his economic assault against Iran?

The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies on June 23 to raise output from July, with Saudi Arabia pledging a "measurable" supply boost, but giving no specific numbers.

US President Donald Trump speaks to the press after announcing his decision to withdraw from the nuclear deal with Iran during a speech from the Diplomatic Reception Room at the White House on May 8, 2018.

Indian Oil Corp. Chairman Sanjiv Singh says Saudi Arabia alone can cover most of the world's supply shortfall in case Iran's oil exports dry up.


"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products", Jahangiri said.

OPEC's June output was 32.32 million barrels per day (bpd), a Reuters survey showed on Monday, up 320,000 bpd from May.

Rouhani's visit comes almost two months after US President Donald Trump unilaterally pulled out of the nuclear agreement, to the ire of the other signatories - China, France, Germany, the United Kingdom and Russian Federation - which along with the European Union have continued to back the accord.

Trump will visit Europe this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticized sharply as paying too little for their joint defense.

"It must be kept in mind that U.S. shale production has surged to record levels, while demand remains at risk of falling amid global trade tensions".

In a briefing with reporters, that official said Washington probably would not grant waivers from secondary sanctions against foreign companies that continue to do business with Iran.

"I want to wait until after the election", he said. Off-topic, inappropriate or insulting comments will be removed.

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