Crude prices fell Tuesday, retreating from early gains that had lifted the USA benchmark as high as $75 for the first time in more than three years, which prompted traders with bullish positions to book some profits ahead of the July 4 US holiday. The Trump administration is taking a harsher line than the Obama administration did in the lead up to the deal, stating that it does not intend to issue waivers on secondary sanctions to those who import Iranian oil, as my colleague Suzanne Maloney explored in a recent post.
"The Trump administration's plan for Iran sanctions is now abundantly clear".
The cabinet affirmed the kingdom's readiness to use its spare capacity when needed to deal with any future changes in oil supply and demand rates in coordination with other producing countries. They noted that OPEC and allies are ramping up output, while a production facility in Canada might restarts ahead of schedule or U.S. President Donald Trump might order oil released from the Strategic Petroleum Reserve.
But Tuesday's statement comes as Trump increasingly has criticized OPEC for not doing enough to lower oil prices.
Rouhani said the main goal of the United States by imposing sanctions is to put pressure on people, but they claim that they want to put pressure on the Iranian government.
But the USA official, Brian Hook, also said that keeping prices stable in the absence of Iranian crude is also important.
"Continuation of exporting oil is symbol of victory against the USA sanctions and I hope we would witness this great victory through planning by the Oil Ministry", the vice president explained.
Iran's President Hassan Rouhani said on Tuesday, "The words of some United States officials that they want to bring Iran's oil exports to zero are an exaggeration because they will never be able to fulfill it".
Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia.
"These sanctions will include targeting Iran's automotive sector, trade in gold, and other key metals", he said.
"A fall in the price per barrel won't serve the interests of the big oil producers", Kaddour stressed.
But a flurry of U.S. announcements over the weekend unsettled oil markets.
Without naming Saudi Arabia, Zangeneh wrote "any increase" in production by any member state "beyond commitments stipulated in OPEC's decisions. would constitute (a) breach of the agreement". "We have to wait and watch how things unfold with time".
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