Iran vice president says private sector to buy, export oil

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A senior Iranian oil official has played down differences with Russian Federation over a Saudi-led push to raise crude oil production which has prompted Tehran to warn against breaching OPEC's current output limits.

"For economic and political reasons, we have to stand with Russian Federation; we can not criticize it so much". It added that it "remains on track to increase its production capacity to 3.5 million (barrels per day) by the end of 2018".

OPEC's oil production in June increased by 320,000 bpd from May to stand at 32.32 million bpd, as the cartel's biggest producer Saudi Arabia produced close-to-record volumes, according to a monthly Reuters survey tracking oil supply to the market. "The Iranian government has a plan".

"In this battle, any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason", he said. "We do not know how the market will react but prices will surely decrease".

Saudi Arabia has acknowledged a call between King Salman and Trump but not mentioned any production targets.

But, one might ask, where is USA oil production in this equation?

"Prices to high! He has agreed!"

The Trump administration is pushing countries to cut all imports of Iranian oil from November when the United States re-imposes sanctions against Tehran, after Trump withdrew from the 2015 nuclear deal agreed between Iran and six major powers, against the advice of allies in Europe and elsewhere.

Iran will allow private companies to export crude oil, part of a strategy to counter U.S. sanctions, and is urging fellow OPEC members, including regional rival Saudi Arabia, not to break output agreements, state media and officials said on Sunday.

Oil prices rose on Friday on worries that United States sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

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Mr Hook said that the first part of U.S. sanctions against Iran will snap back on August 6.

"We buy high sulfur crude from Iran".

The early gains came after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions. Rouhani spoke to Iranian expatriates in Switzerland during his visit there on Monday.

"All right, if you can do such a thing, do it and see the result!" he said without elaboration.

As Breitbart Jerusalem reported, Rouhani wants Europeans to financially compensate Iran if they want to preserve the Joint Comprehensive Plan of Action (JCPOA) that was originally drawn up by former president Barack Obama.

"We are not looking to grant licenses or waivers, because doing so would substantially reduce pressure on Iran, and this is a campaign of imposing pressure", Brian Hook, Director of Policy Planning at the State Department told reporters at a news conference yesterday.

"But when they apply sanctions on people's basic needs like medicine, who will be put under pressure?" he asked.

The UAE hosts some 5,000 US troops, with Dubai being the US Navy's busiest port of call overseas.

US President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets in an interview that aired on Sunday. The main focus of this is re imposition of sanctions on Iran, particularly an effort to drive oil exports to zero. Nations that belong to the International Energy Agency, created by oil importing countries to enhance energy security, hold 90 days' worth of crude oil stocks in order to deal with supply disruptions.