Trump blasts OPEC, warns European companies against business with Iran

Iranian President Hassan Rouhani

Iran will use various methods to prevent a possible reduction in its oil exports after re-imposition of the USA sanctions.

"Since Venezuela and Libya failed to produce, OPEC countries made a decision to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level".

"It seems they do not understand what they are saying when they say Iran will not be allowed to export even a single drop of oil", Rouhani told Iranian expatriates in Switzerland Monday night.

WASHINGTON-The Trump administration will consider requests for waivers from economic sanctions against Iran on a "case-by-case" basis, a senior State Department official said Monday, a step back from threats to insist on zero imports by a November 4 deadline.

Trump's comments on Sunday mark an escalation of his already controversial trade policies toward the United States' European allies.

"But when they apply sanctions on people's basic needs like medicine, who will be put under pressure?" he asked.

"Iran will offer its oil in the stock market, and the private sector can transparently buy and sell the crude through this market", Jahangiri added.

"All right, if you can do such a thing, do it and see the result!" he said without elaboration. Rouhani didn't elaborate but when pressured in the past, Iran has threatened to close the strategic Strait of Hormuz though which one third of the world's oil supply passes. Tehran, however, vowed on Sunday to foil any USA bid to block its oil exports.

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The interview was broadcast Sunday but taped late in the week, before the reports of North Korean cheating emerged publicly. Some US officials believe that North Korea has about 65 nuclear warheads.

He added, "We will prove that the USA claim to stop exportation of Iran's oil is an illusion".

Trump said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

According to the Reuters survey, the Saudi allies in the Gulf-the UAE and Kuwait-maintained steady production in June compared to May, so they have yet to increase production following the Saudi lead.

The oil company previously announced in November it had plans to expand its capacity to 3.5 million barrels of oil per day.

On Fox, Trump directed blame at the Organisation of Petroleum Exporting Countries, of which Saudi Arabia is a member.

International Olympic Committee added 16 new grades of crude during 2017-18 and has the ability to process 175 different varieties, boosting flexibility in oil sourcing.

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.

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