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Trump blasts OPEC, warns European companies against business with Iran

05 July 2018

The Trump administration is pushing countries to cut all imports of Iranian oil from November when the United States re-imposes sanctions against Tehran, after Trump withdrew from the 2015 nuclear deal agreed between Iran and six major powers, against the advice of allies in Europe and elsewhere.

"Instead it reveals the economic interdependence of his Iran policy, his Middle East partnership strategies, and his vulnerability in the domestic economy" Ms Young said.

The president, in an interview with Fox News's "Sunday Morning Futures with Maria Bartiromo also piled pressure on close USA allies with a threat to sanction European companies that do business with Iran".

USA production has soared 30 percent in the past two years, to 10.9 million bpd, meaning the world's three biggest oil producers now churn out nearly 11 million bpd each, meeting a third of global oil demand.

Iran had been pushing hard for oil producers to hold output steady as USA sanctions are expected to hit its exports.

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The 9.1 trillion 2018 budget was predicated on a benchmark price of $51 per barrel and production of 2.3 million barrels per day.

As president he has made more direct attacks on the organisation than any of his predecessors in a string of attempts to stabilise the oil market and push Saudi Arabia to increase its capacity.

The move coincides with USA plans to reimpose economic sanctions on OPEC member Iran, including halting oil exports.

"Banking sanctions will also snap back on November 4, and we will be aggressively enforcing these provisions to lock up Iran's assets overseas and deny the Iranian regime access to its hard currency".

Crude oil prices rose on Tuesday with the USA benchmark hitting a four-year high on expected drains in domestic inventories and outages in Libya.

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U.S. President Donald Trump has urged Saudi Arabia to increase its oil output amidst the U.S. upcoming sanctions against the energy sector of the Islamic republic.

Libya's National Oil Corporation declared "force majeure", or unforeseeable circumstances, as the country's continued struggles with internal conflicts see approximately 850,000 barrels per day after losing control of Zueitina and Hariga ports this week.

Those tweets implied that supply deficits will require all of the world's remaining spare production capacity to come online, according to Standard Chartered.

While OPEC leader Saudi Arabia will pick up the slack, Morgan Stanley believes oil markets will be undersupplied by around 600,000 in the second half of 2018. "But as with our other sanctions, we are not looking to grant waivers or licenses".

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

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Trump blasts OPEC, warns European companies against business with Iran