United States wants to reduce Iran's oil revenue to zero

Trump: US will 'absolutely' sanction European companies that do business with Iran | TheHill

Iran to allow private sector to export oil, beat US sanctions

We are also working with oil market participants, including producers and consumers, to ensure market stability.

While the comments were ambiguous, Iranian officials in the past have threatened to block the Strait of Hormuz, a major oil shipping route, in retaliation for any hostile USA action against Iran.

Oil production, prices and politics require a delicate balance.

An Indian official says his country, which imports 400,000 barrels per day of Iranian crude, would only recognise multi-lateral sanctions, rather than unilateral sanctions. And who is their big enemy?

The kingdom is under the United States pressure to ramp up oil production quickly to make up loss of Iranian barrels which the Trump administration has threatened to bring down to zero.

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An oil tanker is loaded at a Saudi Aramco refinery and terminal in Ras Tanura, Saudi Arabia, in May.

Hook sad more than 50 firms announced their intent to leave the Iranian market, particularly in energy and finance sectors, as the U.S.is moving toward placing sanctions on Iran.

The US earlier this year withdrew from the deal limiting Iran's nuclear programme in return for allowing the company to resell its oil on world markets.

Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

"In this battle, any country that tries to take Iran's place on the oil market will be guilty of treason against Iran. and surely one day it will pay the price of this treason", he said.

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The issue is of concern as crude oil prices hit four-year highs.

"We have Plan B, Plan C, Plan D. We are fully prepared", IOC's Singh said, without giving details. "They don't want our farm products".

But the U.S. official, Brian Hook, also said that keeping prices stable in the absence of Iranian crude is also important.

US President Donald Trump tweeted on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to pump more oil, "maybe up to 2,000,000 barrels". 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 U.S. allies. Trump will leave for a trip to Europe later this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticised sharply for paying too little for their joint defence.

Trade tensions are likely to overshadow that trip.

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When asked on the Fox News channel if sanctions would be imposed, Mr Trump responded: "Yes, of course". "We have to wait and watch how things unfold with time". Off-topic, inappropriate or insulting comments will be removed.

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