Algeria warns Saudi Arabia, Russia against increasing oil output

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

President Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close USA allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran.

Traders have also been watching U.S. oil production, which has surged by 30 percent over the last two years to 10.9 million bpd, absorbing some of the recent disruptions.

His remarks came in the light of his controversial decision earlier this year to pull America out of the Iran nuclear deal and reimpose sanctions - a move strongly opposed by Europe.

"The Trump administration's plan for Iran sanctions is now abundantly clear".

Iran vowed 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 global oil market.

Trump said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

Last week, OPEC countries and other major oil producers that participated in the 2016 Vienna deal agreed on increasing production to one million barrels per day, which is the volume of the countries' over-compliance with the agreement.

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

President Trump lashes out at OPEC with a warning to stop manipulating oil markets and piles pressure on U.S. ally Saudi Arabia.

Last week, US State Department officials announced that they are pushing nations to bring down purchases of Iranian oil to zero.

Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour.

The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies on June 23 to raise output from July, with Saudi Arabia pledging a "measurable" supply boost, but giving no specific numbers.

Oil prices have been rising despite OPEC and Russian Federation agreeing to increase production by 1 million barrels per day from the start of this month.

Iran will apply various methods to thwart the US sanctions, Jahangiri said during a meeting of the resistance economy headquarters.

Trade tensions are likely to overshadow that trip.

"I want to wait until after the election", he said.

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