Iran Aims to Keep Oil Exports Flowing Despite US Sanctions

France’s President Emmanuel Macron left meets his Iranian counterpart Hassan Rouhani in New York

President Trump lashes out at OPEC with a warning to stop manipulating oil markets and piles pressure on USA ally Saudi Arabia.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections.

First Vice President Es'haq Jahangiri said on Monday that Iran is able to counter the looming USA sanctions, noting that those at the White House who think they can halt Iran's oil export are living in "illusion".

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & disfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump tweeted.

The White House later walked back the president's comments, saying the king said his country can raise oil production if needed.

Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour.

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International Olympic Committee plans to buy 7 million tons of crude from Iran in the year ending March 31 versus 4 million tons in the previous fiscal year, A.K. Sharma, director of finance at the refiner, said in May.

After the United States withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

Saudi Arabia's output is also on the rise and over the past few months, production has grown by 700,000 barrels per day, according to Reuters.

"Member nations of the Organisation of Petroleum Exporting Countries (OPEC) and the leading non-OPEC oil producer Russian Federation, should maintain the Algiers Pact they forged in September 2016 so that oil prices will continue to ramp up", Sonatrach CEO Abdelmoumen Ould Kaddour said.

Russian output rose to 11.06 million bpd in June from 10.97 million bpd in May, the Energy Ministry said on Monday.

Trump warned at the time that other nations would face sanctions unless they stopped trading with Iran. The president also had tough words for other U.S. allies.

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