Trump blasts OPEC over manipulating oil markets

Iranian President Hassan Rouhani

Iranian President Hassan Rouhani

Indian Oil Corp. Chairman Sanjiv Singh says Saudi Arabia alone can cover most of the world's supply shortfall in case Iran's oil exports dry up.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections.

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude-oil sales", said Brian Hook, the State Department's director of policy planning, at a briefing with reporters.

Over the weekend, US President Donald Trump tweeted that King Salman of Saudi Arabia agreed to increase oil production by 2 million barrels per day (bpd), "because of the turmoil & dysfunction in Iran and Venezuela", according to Trump's tweet.

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Last week, OPEC countries and other major oil producers that participated in the 2016 Vienna deal agreed on increasing production to one million barrels per day, which is the volume of the countries' over-compliance with the agreement.

Oil production, prices and politics require a delicate balance.

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

After the USA withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

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OPEC's June output was 32.32 million barrels per day (bpd), a Reuters survey showed on Monday, up 320,000 bpd from May.

Several refiners in the largest oil market are looking at alternative supplies from Saudi Arabia to Iraq after the White House said it won't offer extensions or waivers to USA allies.

The global oil benchmark Brent traded at a premium of $3.68 a barrel to Dubai crude on Monday, down from an nearly four-year high of $4.61 a barrel in April, according to data from broker PVM Oil Associates.

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. "Absolutely", the president responded when asked if the US would sanction European countries that do business with Iran. Off-topic, inappropriate or insulting comments will be removed.

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