Oil falls as Saudi, Russian output rises

Oil falls as Saudi, Russian output rises

Iran has said it will fight back against United States 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.

The Trump administration is claiming some early success in its quest to cripple Iran with sanctions in order to drag it back to negotiations and change its behavior, even as it softens its demand on USA allies to reduce their Iranian oil imports to zero. "They seek to push Iranian exports of crude, condensate, and oil products to zero", energy consultancy FGE said in a note.

Still, Iran vowed on Sunday to defeat United States efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the worldwide oil market.

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 Trump announced his withdrawal from the Iranian nuclear agreement, Hook said the American diplomatic teams from the State and Treasury are bringing with them a message of cooperation and coordination.

"Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way", First Vice President Eshaq Jahangiri told an economic event in Tehran broadcasted live on state television.

However, "sanctions alone won't cut it - we'll need to use all of our policy levers, and the help of our allies", he said.

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"Yes, of course. That's what we're doing".

Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market.

"Prices too high! He has agreed!", Trump added.

U.S. President Donald Trump tweeted on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels".

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

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

Iran possesses the second-largest gas reserves on the planet after Russian Federation and the fourth-largest oil supply, while Saudi Arabia is the world's biggest oil exporter.

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