On Wednesday, Trump accused OPEC of driving fuel prices higher, and urged Saudi Arabia to pump more if it wanted Washington to continue protecting it against its top rival Iran. Now after the United States pulled out from the Iran Nuclear Deal, India has been in a dilemma over India-Iran trade especially that of oil.
However, the USA is willing to work with countries on cutting of crude oil imports from Iran on a case-to-case basis.
Trump recently said that Saudi Arabia had agreed to increase oil production by up to 2 million barrels per day (bpd) to moderate high prices. "But these do not include the US, China, Europe, Japan."Rising oil prices have stabilised Saudi Arabia's foreign exchange reserves, they added, after a $US250 billion drop in the last three years". OPEC and other producers, including Russian Federation, agreed in June to increase output by around a million barrels a day, reversing course after supply cuts that cleared a global glut and boosted prices.More news: Facebook handed maximum data breach fine for role in Cambridge Analytica scandal
Earlier this week, Trump lashed out at OPEC, accusing the oil organization of failing to help the U.S. to reduce domestic gasoline prices. And some of its major European allies have been working to prevent the 2015 deal from falling apart.
On Saturday, a petroleum ministry official told state-run IRNA news agency that the USA sanctions against Iran's oil exports will weaken the OPEC.
Venezuela, which has enormous reserves but is also suffering under, among other problems, crippling U.S. sanctions, is shrinking out of the world oil market.More news: Liverpool open Xherdan Shaqiri transfer negotiations with Stoke City
Tehran and Vienna extended the energy cooperation agreement which was signed between Iranian oil ministry and Austria's energy ministry, Shana reported on Thursday quoting Iranian Deputy Oil Minister for International Affairs and Trading Amir-Hossein Zamaninia.
Oil prices could jump steeply to cross $120 per barrel in a not-to-be ruled out scenario of zero Iranian exports combined with Opec's lack of preparedness to offset the huge supply deficit, market analysts said.
South Korea has bought almost 296,000 barrels of oil from Iran in the first five months of the Iranian calendar year (starting on March 21), and is the biggest buyer of Iranian oil after China and India.More news: Man poisoned by Novichok in England conscious, hospital officials say
The message also reads that "the Korean government is negotiating with the United States to get exemptions from the restrictions on Iranian oil purchases".