Trump goes 'America First' on Opec, but his policy faces limitations

Anyone trying to take away Iran's oil market would be committing great treachery against Iran and will one day pay for it' Iranian Vice President Eshagh Jahangiri said on Sunday

Iran to allow private sector to export oil, beat US sanctions

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

"The Iranian government has a plan. and God willing we are certain that we will be able to sell as much oil as we want", he said.

The Wall Street Journal in turn cited a high-ranking Saudi official as saying that Riyadh made no concrete promises to Trump but assured him of its ability to satisfy the market's demands. The White House has said the US will put those sanctions back into place.

Trump is pressuring allies to stop buying Iranian oil as a tactic to make Iranian leaders negotiate a new nuclear deal, after he pulled out of the 2015 agreement two months ago.

Iran shipped out over 2 million barrels per day of oil a year ago, with Asia taking almost three quarter of the supply and the remainder heading to Europe.

Iran announced on Sunday that it would permit private companies to export crude oil as Tehran attempts to thwart United States sanctions against the country's oil industry.

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"We are working to minimize disruptions to the global market, but we are confident there is sufficient global spare oil capacity", Hook said.

USA crude futures CLc1 were up 19 cents at $74.33 a barrel, within sight of Tuesday's 3-1/2-year high above $75 a barrel.

Hook's comments follow a turbulent week in the oil market that started last Tuesday when another State Department official called on buyers to stop importing Iranian crude by November 4.

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.

Looming US sanctions against Iran further contribute to expected tightness.

U.S. President Donald Trump has urged Saudi Arabia to increase its oil output amidst the U.S. upcoming sanctions against the energy sector of the Islamic republic.

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Apart from Iran, Venezuela, Libya and Angola are also facing chronic production issues. Global benchmark Brent fell 2.4 percent in the session, changing direction from last week when it gained more than 5 percent.

Oil production, prices and politics require a delicate balance.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya.

Mr Trump is not the first US President to attack OPEC.

"And so, we are not looking to grant licenses or waivers broadly on the reimposition of sanctions, because we believe pressure is critical to achieve our national security objectives", he said.

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