Some customers in Asia are already considering acquiescing to President Donald Trump's demand to end trade with Iran by early November when sanctions aimed at curbing the Islamic republic's nuclear program come into effect. "Since Venezuela and Libya failed to produce, OPEC countries chose to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level".
Last week, Turkey's economy minister said his country does not plan to abide by the US demand for countries to stop importing Iranian oil, calling the request "nonbinding" on Turkey - a stinging rebuke from a North Atlantic Treaty Organisation ally.
The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.
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.
"We're not granting waivers", the official said.
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"Don't forget the one negative to the Iran deal is that you lose a lot of oil, and they got to make up for it".
Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia had agreed to produce more oil.
"It is becoming increasingly clear that Saudi Arabia and Russian Federation will struggle to compensate for potential losses in oil production from the likes of Venezuela, Iran and Libya".
Trump continued, "prices too high!"
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.
Iran will apply various methods to thwart the US sanctions, Jahangiri said during a meeting of the resistance economy headquarters.
"Continuation of exporting oil is symbol of victory against the USA sanctions and I hope we would witness this great victory through planning by the Oil Ministry", the vice president explained.