US aims to reduce Iran’s oil revenue to zero

Roman Schwartz
July 4, 2018

"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.

Traders said supply disruptions could be short-lived as OPEC and allied producers ramp up output.

He hopes that will keep prices low - and motorists happy with cheaper fuel - as he tries to force the Iranians out of the market.

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

So, how much support can Trump garner for his economic assault against Iran? "We want to work with these countries to build a strong global effort", he said.

Saudi King Salman bin Abdulaziz chaired the kingdom's Council of Ministers cabinet session at al-Salam Palace in Jeddah on Tuesday afternoon, where the council affirmed the kingdom's readiness to deploy its spare oil production capacity to maintain market balance and stability, a statement carried by state news agency SPA said.

Adding more fuel to the fire was Donald Trump's U.S. administration urging oil buyers to cut off Iran.

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Iranian Supreme Leader Ayatollah Ali Khamenei says he believes the U.S. sanctions are meant to turn the public against the government, and won't succeed.

"We're not granting waivers", the official said. It's bad what they do to us, he said.

Oil is surging as the USA pushes allies to end imports of Iranian crude, as global supply disruptions persist and American crude inventories are already at the lowest since January. It also highlighted that the oil ministry's order to refiners "to prepare for drastic reduction or zero import of Iranian oil from November" was passed a day after USA ambassador to UN Nikki Haley visited India.

The spike was the latest fallout from the Trump administration's decision to abandon the landmark Iran nuclear deal and reimpose sanctions on Iran - a move that has strained relations between the United States and other world powers that support the deal.

"Our attempt is to defeat USA policies in the sale of oil and we are pretty sure we will sell our oil as much as we need", he added.

The Kingdom, which has been pumping around 10 million barrels per day, holds the largest spare capacity in the world and is the only country that can add substantial supply to the market.

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