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02 July 2018, 10:44 | Devin Moran
Iran to allow private sector to export oil, beat US sanctions
"We will surely do something to thwart the USA rallying cry that Iranian oil must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.
The contract on Friday touched a high of $74.46, which was the highest since November 2014, rallying on concerns that US sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand.
But a flurry of United States announcements over the weekend unsettled oil markets.
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.
"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.
As a result of those sanctions, companies that do business with Iran could face penalties from the U.S. It was previously unclear if the U.S. would penalize European nations that chose to remain in the Obama-era agreement.
"European nations are meant to present in coming days their suggested package to preserve the nuclear deal", Rouhani said on Monday before leaving Tehran for official visits to Switzerland and Austria, according to the state-run Mehr news agency.
The developments were preceded by US President Donald Trump tweeting about his telephone talk with Saudi King Salman bin Abdulaziz Al Saud, who allegedly agreed to Washington's proposal to increase Riyadh's daily oil production to two million barrels.
On Tuesday a senior State Department official described tightening the noose on Tehran as "one of our top national security priorities".
Also weighing on oil demand are trade disputes between the United States and other major economies including China, the European Union, India and Canada.
"Yes, of course. That's what we're doing".
Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey showed, and close to its 10.72 million bpd record from November 2016.
"And I have a very good relationship with the (Saudi) king and with the crown prince of Saudi Arabia and with the others around and they are going to have to put out more oil".
Without naming Saudi Arabia, Zangeneh wrote "any increase" in production by any member state "beyond commitments stipulated in OPEC's decisions. would constitute (a) breach of the agreement".
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