Iran vows to foil United States bid to block oil exports

03 July, 2018, 02:10 | Author: Shannon Aguilar
  • Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill

Iran has said it will fight back against USA efforts to squeeze Iranian oil exports, accusing countries that fill the gap in oil markets of "a big treachery to the Iranian nation and the world community", according to Iran's First Vice President Eshagh Jahangiri.

Over the weekend, US President Donald Trump tweeted that King Salman of Saudi Arabia agreed to increase oil production by 2 million barrels per day (bpd), "because of the turmoil & dysfunction in Iran and Venezuela", according to Trump's tweet.

Washington is stepping up pressure on all countries, including India and China, to completely stop buying oil from Iran by November 4.

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.

Oil prices rose on Friday on worries that United States sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

After Trump's withdrawal from the nuclear deal, the first round of sanctions will be reimposed on August 6, targeting Iran's gold, other metals like aluminum and steel, and automobile industry.

"We're not granting waivers", the official said. "Of course. That's what we're doing, absolutely", he said.

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Russian Federation and Saudi Arabia will face "dire consequences" if they increase their oil production, the head of the state energy firm said.

The Trump administration's ban on Iranian oil threatens to prompt a crude shortage, analysts say, that could hit American taxpayers at the gas pump just as they expect some relief in gas prices after the summer.

Jahangiri said: "They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets".

"In this battle, any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason", he said.

Iran and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen.

"Any increase in the production by any member country beyond commitments stipulated in OPEC's decisions ... would constitute a breach of the agreement", Zanganeh wrote in his letter, seen by Reuters and also reported by state media on Sunday.

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