Iran says no major change in oil exports despite USA pressure

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He warned India against importing oil from the US, Saudi Arabia, Russia and others and said that if this happens then Iran will deprive India of all special privileges which have been extended to it.

"We are working to minimize disruptions to the global market, but we are confident that there is sufficient global spare oil production capacity", Brian Hook, the director of policy planning, said on July 2.

On Saturday, Zanganeh accused Trump of "interfering" in OPEC affairs, saying that Trump's order to oil producing countries to raise output "is very insulting to the people of these countries and would undermine their national sovereignty and destabilize the oil market".

Iran's oil minister has hit back at Donald Trump today over his demand for more production, branding the president's orders as an insult to the Organisation of the Petroleum Exporting Countries (Opec). If Trump really wants to reduce oil prices in America, he should start there.

On Wednesday Trump took to Twitter to accuse Opec of "driving prices higher" and insisted there "must be a two way street".

"Unlike in trade wars, oil price shocks do not have winners", the analysts wrote.

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On June 26, the U.S. Department of State said that it has been pushing countries to stop importing oil from Iran by November.

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The move is part of Trump's withdrawal from the Iran nuclear deal, which previously eased economic penalties on the country as long as it curbed its nuclear weapons program.

Washington's withdrawal from the landmark Iran nuclear deal was widely criticized across the world.

Iran, OPEC's third-largest producer, is facing USA sanctions on its oil exports that are prompting some buyers to cut purchases.

"There might be a slight decline in Iran's oil sale, but different companies' secret purchase of Iran's oil can compensate it", he said.

The International Energy Agency estimates OPEC members held 3.4 million bpd of spare capacity at the end of May, while their non-OPEC allies had no more than 330,000 bpd ("Oil Market Report", IEA, June 2018).

South Korea halted all Iranian oil shipments in July for the first time in six years amid United States pressure.

South Korean buyers of Iranian crude and condensate are SK Energy and SK Incheon Petrochemical, owned by SK Innovation, Hyundai Oilbank Corp and Hanwha Total Petrochemical Co.

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