USA sticks to goal of cutting Iran oil exports to zero

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Trump has been complaining about OPEC at the same time that Washington is piling pressure on its European allies to stop buying Iranian oil. The announcement was made following a cabinet meeting headed by Saudi Arabia's King Salman bin Abdulaziz Al Saud.

U.S. President Donald Trump pulled the U.S. out of the Iran nuclear agreement in May, and has warned other countries that they will also face sanctions if they continue to trade with sanctioned sectors of the Iranian economy.

The cabinet commended "constructive cooperation between producing countries from inside and outside OPEC, which resulted in the agreement of 25 countries to increase oil supplies, taking into account the current market conditions".

"The Trump support base is probably the part of the US electorate that will be the most sensitive to an increase in USA gasoline prices", Halff said.

Abu Dhabi said it's ready to increase oil output in line with guidance set by OPEC and allied producers. Inventories in the key USA storage hub of Cushing, Oklahoma, shrank by 2.6 million barrels, the API was said to report.

Analysts are of the view that if the U.S. is successful at convincing most from buying Iranian oil, outages could rise to as high as 2 million barrels per day (bpd). Both the administration and the Saudis later clarified the dialogue between the two sides, explaining that Saudi Arabia stated it has 2 Mbd of extra capacity to add global markets when necessary.

Saudi Arabia's output is up 700,000 bpd from May, a Reuters survey found on Friday, and close to its 10.72 million bpd record from November 2016, more than making up for disruptions elsewhere within the Organization of the Petroleum Exporting Countries (OPEC). China, the world's biggest oil consumer, and India, the country with the fastest-growing appetite for energy, added their own complaints after prices rose. "We do not know how the market will react but prices will surely decrease".

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THE Kingdom of Saudi Arabia (KSA) has expressed readiness to pump more oil to maintain market balance and stability.

An Indian official says his country, which imports 400,000 barrels per day of Iranian crude, would only recognise multi-lateral sanctions, rather than unilateral sanctions.

South Korea accounted for 14 percent of Iran's oil exports past year, according to the US Energy Department.

USA officials from the Treasury Department and State Department have been taking what Hook referred to as travelling "road shows" to explain the policy to their counterparts around the world over the past few weeks, ahead of August 4, when the first sanctions will be reimposed on automotive, gold, and key metals.

Some major importers of Iranian crude have sent mixed signals on their willingness to abide U.S. sanctions, particularly as inventories remain low.

US President Donald Trump sent a message on Twitter that he asked Saudi Arabia to increase oil output by 2 million barrels because "prices to (sic) high".