Halting Iranian oil export is an illusion: Jahangiri

The White House has backed off a tweet from President Donald Trump indicating he had convinced the king of Saudi Arabia to produce an extra two million barrels of oil per day

"We want to defeat America's efforts...to stop Iran's oil exports", said First Vice President Eshagh Jahangiri in a televised statement.

Iranian Supreme Leader Ayatollah Ali Khamenei says he believes the United States sanctions are meant to turn the public against the government, and won't succeed.

"He has agreed", Trump tweeted on June 30.

US crude oil production stagnated for the first week in many months, reaching 10.9 million bpd in the week ending June 22, holding steady for three weeks in a row, according to the EIA.

Trump said on Fox News' "Sunday Morning Futures" that European companies will face consequences as a result of the USA withdrawing from the Iran nuclear deal.

The 9.1 trillion 2018 budget was predicated on a benchmark price of $51 per barrel and production of 2.3 million barrels per day.

"We are confident that there is sufficient global spare oil production capacity", he added.

Brian Hook, the State Department's director of policy planning, told a news conference that the USA goal was to get as many countries as possible down to zero Iranian oil imports.

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

Oil briefly touched $75 a barrell on Tuesday before retreating following the news of the Saudi government decision.

The announcement by Jahangiri came just a day after US President Donald Trump said that Saudi Arabia had agreed to increase its oil exports to make up the difference lost to the sanctions.

Iran is India's third-largest oil supplier behind Iraq and Saudi Arabia.

And he confirmed that USA secondary sanctions on firms dealing with Iran would "snap back" on August 6 for trade in cars and metals and on November 4 for oil and banking transactions. "But as with our other sanctions, we are not looking to grant waivers or licenses".

Some 50 worldwide companies had announced their intention to leave the Iranian market, particularly in energy and financial sectors, as the United States moved to reimpose the sanctions against Iran, Hook said. Officials say they are determined to keep the oil flowing.

After Trump announced his withdrawal from the Iranian nuclear agreement, Hook said the American diplomatic teams from the State and Treasury are bringing with them a message of cooperation and coordination.

Abu Dhabi National Oil Company (Adnoc) on Tuesday said it has the capacity to increase production by several hundred thousand barrels per day, if required to meet any potential supply shortage.

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