Iran Aims to Keep Oil Exports Flowing Despite US Sanctions

Iran Aims to Keep Oil Exports Flowing Despite US Sanctions

Iran Aims to Keep Oil Exports Flowing Despite US Sanctions

Iran will allow private companies to export crude oil, part of a strategy to counter USA sanctions, and is urging fellow OPEC members, including regional rival Saudi Arabia, not to break output agreements, state media and officials said on Sunday.

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.

After the United States withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

Iran vowed Sunday to defeat U.S. efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the global oil market. One-hundred and eighty days later, on November 4, sanctions will snap back on Iran's energy sector, all oil-related transactions, and transactions with the Central Bank of Iran.

The Treasury Department said the sanctions on Iran would take effect in 90-day and 180-day periods - after August 6 and November 4.

Hook seemed to celebrate the collapsing Iranian economy, telling reporters Monday that their efforts had led to more than 50 worldwide companies announcing they will leave the Iranian market, although the State Department is not providing that list.

US President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets in an interview that aired on Sunday.

The US strategy is based on increasing economic pressure on Iran and is aimed at "a change in the behaviour of the Iranian leadership of Iran, and not regime change", Mr Hook said. Oil prices rose to multiyear highs last week after US officials signaled the administration would act to cut Iran exports faster than expected and.

The US on Monday said it is prepared to work with nations that are reducing their oil imports from Iran on a case-by-case basis, but ruled out granting waivers to countries like India or Turkey as it could substantially reduce pressure on Tehran.

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump said in a tweet on Saturday. The Saudis have not confirmed if that's the case.

Looming US sanctions against Iran further contribute to expected tightness.

But two key administration allies - Newt Gingrich and Rudy Giuliani - joined a rally in Paris over the weekend organized by an exiled opposition group that calls for the regime's violent overthrow.

"This government is about to collapse, and this is the time to turn on the pressure", Giuliani told the crowd, according to Bloomberg News.

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