Iran vows to thwart USA efforts to block its oil exports

Washington aims to cut Iran's oil sales, First Vice President Es'haq Jahangiri said, adding that this is an impossible measure.

"Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way", Jahangiri said at the event.

The U.S. President has been very active in urging OPEC to start pumping more oil in a bid to tackle rising prices at the pump at home ahead of mid-term elections.

"Our attempt is to defeat USA policies in the sale of oil and we are pretty sure we will sell our oil as much as we need", he added.

The US "down to zero" plan rests heavily on banning India and China from buying from the Iranians, and while Indian companies have suggested they will dial it back, China remains in the nuclear deal and nearly certainly won't give in to US demands.

Oil prices fell early on Monday, following comments from the White House that the leader of Saudi Arabia promised President Donald Trump that he can raise oil production if needed.

Since the U.S. president pulled Washington out of the historic nuclear deal, European countries have been scrambling to ensure that Iran gets enough economic benefits to persuade it to stay in the deal.

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This would only be aggravated by the likely counter-measures the 28-nation bloc and other trading partners might take. BMW has warned that US tariffs on imported cars could drive up manufacturing costs and risk jobs in SC .

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U.S. tariffs on $34 billion of Chinese goods are set to take effect on 6 July and a further $16 billion could follow. The US would also forfeit any ability to overturn unfair trade practices in the WTO dispute-settlement system.

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The remaining net Model 3 reservations at the end of the second quarter stood at roughly 420,000, the company said. " 3 Tesla Team 3".

"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump wrote on Twitter.

"Yes, of course. That's what we're doing".

Jahangiri said: "They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets". "He has agreed!", though statements from Saudi media have made no mention of an agreement to raise Saudi oil production.

Iran and Saudi Arabia broke off diplomatic relations in 2016 and are locked in several proxy wars in the Middle East, including in Yemen.

The US on Monday said it is prepared to work with nations that are reducing their oil imports from Iran on a case-by-case basis, but ruled out granting waivers to countries like India or Turkey as it could substantially reduce pressure on Tehran.

Saudi Arabia's output is also on the rise and over the past few months, production has grown by 700,000 barrels per day, according to Reuters.

The Treasury Department will reimpose sanctions on Iran's automobile industry and trade of gold and other metals on August 6th.

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