Iran to continue oil exports despite USA disruptive measures: Zanganeh

US President Donald Trump has been pressuring OPEC and in particular Saudi Arabia to ramp up output by as much as 2 million barrels a day

US President Donald Trump has been pressuring OPEC and in particular Saudi Arabia to ramp up output by as much as 2 million barrels a day

Trump recently said that Saudi Arabia had agreed to increase oil production by up to 2 million barrels per day (bpd) to moderate high prices.

"It's an insult to the people and national sovereignty of these countries and it also destabilises the market", he added.

The US State Department said last week that certain countries, including India and South Korea, will be allowed reduced flows of Iranian oil. But if anything, Trump's bluntness is refreshing: if, as he suggests, the objective of the USA military - with a yearly total budget of a trillion dollars - is to protect OPEC members in exchange for "cheap oil", how cheap is that oil?

Surging prices led Trump to take to Twitter on July 4, accusing OPEC of "doing little to help" and urging the group to "REDUCE PRICING NOW!" This must be a two way street.

"We estimate that every million bpd shift in supply and demand balances would push the oil price by $17 bpd on average".

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Blanch, in a note, said a complete cutoff of Iranian crude exports would be particularly painful at this point. This statement comes in the wake of fresh sanctions on Iran after US President Donald Trump chose to pull out of the nuclear deal with Iran.

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Even if the Europeans cave in to United States demands, the world has changed a great deal since the pre-Iran deal era.

On Saturday, a petroleum ministry official told state-run IRNA news agency that the US sanctions against Iran's oil exports will weaken the OPEC.

"There might be a slight decline in Iran's oil sale, but different companies' secret purchase of Iran's oil can compensate it", he said.

He added such policy is against the founding principles of OPEC.

Now, President Trump is threatening sanctions against any country that continues to do business with Iran. The US has directed all countries to stop all their oil imports from Iran by November 4 in a bid to isolate Iran's funding channels.

South Korean buyers of Iranian crude and condensate are SK Energy and SK Incheon Petrochemical, owned by SK Innovation, Hyundai Oilbank Corp and Hanwha Total Petrochemical Co.

South Korea has bought almost 296,000 barrels of oil from Iran in the first five months of the Iranian calendar year (starting on March 21), and is the biggest buyer of Iranian oil after China and India.

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