Prepared to work with nations that are reducing oil imports from Iran

Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill

Iran will allow private companies to export crude oil, part of a strategy to counter U.S. 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 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".

OPEC members agreed on June 22 to increase collective production by around one million barrels per day, in a context where oil prices have approximately doubled from a 2016 low. "Since Venezuela and Libya failed to produce, OPEC countries made a decision to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level".

WTI oil prices dipped into 71.80 at the market's open this week, but has since recovered above 72.50, though current prices are still below Friday's closing price of 73.54.

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 want to work with these countries to build a strong global effort", he said.

"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 wrote on Twitter.

More news: Portugal boss Fernando Santos says if Cristiano Ronaldo plays alone we lose

European countries have been attempting to negotiate exemptions for their firms, but the official confirmed that US President Donald Trump intends to stick to his deadline. The Saudi leader said he was ready to raise output if needed, the White House said in a statement. Trump continued, "prices too high!"

Jahangiri greeted Trump's comments with derision, saying: "They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets".

An oil tanker is loaded at a Saudi Aramco refinery and terminal in Ras Tanura, Saudi Arabia, in May.

"Our focus is on getting as many countries importing Iranian crude down to zero as soon as possible", Hook said - a slight step back from what a senior State Department official who briefed reporters last week said, that all allies must be at zero imports by 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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