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03 July 2018, 03:41 | Joann Bryant
Iran to allow private sector to export oil, beat US sanctions
Iran is among the nations with the highest oil serves, along with Saudi Arabia, which is the world's leading exporter of oil.
As a gesture of goodwill, Trump tweeted on Saturday, as per his request, Saudi Arabia will increase its oil production to meet any global shortfall.
WTI oil prices dipped into 71.80 at the market's open this week, but has since recovered above 72.50, though current prices are still below Friday's closing price of 73.54.
Oil prices dropped on Monday as supplies from Saudi Arabia and Russian Federation increased and the market continued to absorb the impact of US President Donald Trump's weekend tweets - although analysts expect the decline to be short-lived.
The US government says a move to reimpose sanctions on Iran remains on track.
"We will surely do something to thwart the U.S. rallying cry that Iranian oil must be stemmed", First Vice President Eshagh Jahangiri said in statements broadcast on state television.
The fall came as the Russian Energy Ministry said on Monday that the country's oil output increased to 11.06 million barrels per day in June from 10.97 million barrels per day in May.
"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.
One of the largest Iranian customers, Indian Oil Corporation (IOC), is ready for any scenario, and it has a wide basket of alternatives to ensure crude supplies, even if India stops importing Iran's oil completely, IOC's Chairman Sanjiv Singh told Bloomberg in an interview published on Monday.
The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies on June 23 to raise output from July, with Saudi Arabia pledging a "measurable" supply boost, but giving no specific numbers.
On May 8, President Donald Trump officially withdrew the USA from the UN-endorsed nuclear agreement and threatened Iran with worst sanctions.
With some concerns about the fallout of this, the USA is backing off State Department claims that no waivers would be given.
The Treasury Department said the sanctions on Iran would take effect in 90-day and 180-day periods - after August 6 and November 4.
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 and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen.
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