Trump's Tweet on Deal With Saudi King Makes Oil Prices Plummet

Trump's Tweet on Deal With Saudi King Makes Oil Prices Plummet

The Trump administration vowed to stick with its pressure campaign against Iran on Monday, affirming its strategy to change Tehran's behavior by gutting its oil revenue and isolating the country globally.

The announcement by Jahangiri came just a day after US President Donald Trump said that Saudi Arabia had agreed to increase its oil exports to make up the difference lost to the sanctions.

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

Rouahni also noted that the United States wants to fully prevent the export of Iranian oil.

Rouhani's website quoted him as saying: "We must not let this great achievement of diplomacy be destroyed by others' unilateral actions, which are unfaithful to their promises".

USA officials are pressing allies in Europe, Asia and the Middle East to adhere to the sanctions once they are re-imposed, with the aim of pressuring Iran into negotiating a new agreement.

In an interview with CNNMoney, joint secretary for worldwide cooperation at the Indian petroleum ministry, Sunjay Sudhir, said only sanctions by the United Nations are recognised by India, not unilateral ones put forward by the US. Iran supplied 18.4 million tonnes of crude oil during April 2017 and January 2018 (first 10 months of 2017-18 fiscal).

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"We will surely do something to thwart the USA rallying cry that Iranian oil (exports) must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.

"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.

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.

Last week, a senior US State Department official described tightening the noose on Tehran as "one of our top national security priorities". The State Department said Monday it would examine waivers on a "case-by-case basis" as it re-imposes sanctions. "Iran. OK. You think of it. Iran is their big enemy, so they are going to have to do it", Trump said.

Iran and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen.

Trump was referring to OPEC's decision to raise output together with its non-OPEC allies by around 1 million barrels per day, although since then Saudi Arabia has pledged to raise production to a new record.

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