Iran Aims to Keep Oil Exports Flowing Despite US Sanctions

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"One factor behind the drawdown has been US crude exports, which have shot higher to help fill the void left in Europe and Asia by the voluntary and involuntary reductions from OPEC producers", he said in emailed remarks.

Iran says it will find ways to export its oil, despite what he does.

The president, in an interview with Fox News's "Sunday Morning Futures with Maria Bartiromo also piled pressure on close United States allies with a threat to sanction European companies that do business with Iran". The U.S. president and the Saudi King spoke on Friday, according to the White House.

If Mr Trump's tweets are taken as policy, it means the United States is assuming a 2 million barrel-a-day increase is readily available from the Saudis, a relationship that has already been leveraged "to the maximum extent".

"Now, we are working to minimize disruptions to the global market, but we are confident that there is sufficient global spare oil production capacity".

At the same time, the official said, the United States would work with countries that import Iranian crude on a "case by case" basis, signaling that the Trump administration might not immediately impose sanctions on those that continue importing from Iran beyond a November 4 deadline.

"It has no meaning for Iranian oil not to be exported, while the region's oil is exported".

Oil prices climbed down from their 3 ½ year high to reach US$73 per barrel, with Brent trading at US$76.96 Tuesday afternoon.

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The US ultimatum has also contributed to upward pressure on world oil prices, although Trump believes he has persuaded Saudi Arabia to offset this by ramping up its own production.

Last week, US State Department officials announced that they are pushing nations to bring down purchases of Iranian oil to zero.

Saudi Arabia, the world's top crude exporter, said on Tuesday it was prepared to use its spare production capacity, estimated at two million barrels, to balance the global oil market.

Mr Trump took another swing at his European allies saying they dealt unfairly with the USA over trade. That's what we're doing.

The movement came after Iran reportedly threatened to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions against Iran.

"We're not granting waivers", the official said.

"In this battle", he said, "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".

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