U.S. wants to reduce Iran's oil revenue to zero

US President Donald Trump with Saudi King Salman during a visit in 2017 to Saudi Arabia

US President Donald Trump with Saudi King Salman during a visit in 2017 to Saudi Arabia

On Fox, Trump directed blame at the Organisation of Petroleum Exporting Countries, of which Saudi Arabia is a member.

The contract on Friday touched a high of $74.46, which was the highest since November 2014, rallying on concerns that USA sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand.

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia had agreed to produce more oil.

"Oil is already being offered on the bourse, about 60,000 barrels per day, but that has been only for exports of oil products", Jahangiri said.

As Breitbart Jerusalem reported, Rouhani wants Europeans to financially compensate Iran if they want to preserve the Joint Comprehensive Plan of Action (JCPOA) that was originally drawn up by former president Barack Obama.

Saudi Arabia has been pumping around 10 million bpd in recent months and sources close to its oil policy have said it could raise output to 11 million bpd.

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"We're not granting waivers", the official said.

In Asia, the world's top oil consuming region, seaborne oil imports have been falling since May, as higher costs turned off consumers and as the escalating trade dispute between the United States and China starts to impact the economy.

Iran is looking at ways to keep exporting oil as well as other measures to counter sanctions after the United States told allies to cut all imports of Iranian oil from November.

"It must be kept in mind that U.S. shale production has surged to record levels, while demand remains at risk of falling amid global trade tensions".

As a result of those sanctions, companies that do business with Iran could face penalties from the U.S. It was previously unclear if the U.S. would penalize European nations that chose to remain in the Obama-era agreement. "I would assume that infrastructure investment is quite energy intensive, so perhaps that had a knock-on effect to oil demand", said Frederic Neumann, Co-Head of Asian Economic Research at HSBC in Hong Kong".

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