USA aims to reduce Iran’s oil revenue to zero

Oil's early gains came after the website president.ir quoted Iranian President Hassan Rouhani as dismissing Washington's attempt to stop Iran's oil exports. Tehran, however, vowed on Sunday to foil any USA bid to block its oil exports.

The White House later walked back the president's comments, saying the king said his country can raise oil production if needed. New US sanctions against Tehran are on the way as the largest three producers in the world - Russia, Saudi Arabia and America - are increasing output.

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.

There are also unconfirmed reports of the USA using its strategic reserves to send oil lower. "We are working to minimize disruptions to the global market but we are confident there is sufficient global spare oil capacity".

The president also had tough words for other USA allies.

Trump announced earlier this year that he would pull the USA out of the pact, which offered Tehran sanctions relief in exchange for curbing its nuclear program.

Girl, 11, Married Off To Man, 41, In Thailand & Outrage Builds
The solemnisation was done in the presence of an Imam , her parents and witnesses as per the pictures that went viral. Between 2005 and 2015, 10,240 Muslims applied for child marriage to the Jabatan Kehakiman Syariah Malaysia.

Iranian Supreme Leader Ayatollah Ali Khamenei says he believes the United States sanctions are meant to turn the public against the government, and won't succeed.

"Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy", United States bank JPMorgan said.

Trump's plans to impose sanctions on Iran, coupled with low production from Venezuela and blockades on some ports in Libya have continued to tighten global supply, pushing up oil prices.

"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. "Iran. OK. You think of it. Iran is their big enemy, so they are going to have to do it", Trump said.

Matthew Smith, the director of commodity research at ClipperData, told UPI that oil prices so far this week are moving on one hand on OPEC pledges of more production, but correcting later on fears of supply-side strains. The International Energy Agency estimates OPEC's spare capacity could fall in to around 2.5 mbpd (excluding Iran) - by the first half of 2019, its lowest level since the end of 2016 when record production from the Middle East reduced spare capacity to around 1.9 million bpd.

Iran possesses the second-largest gas reserves on the planet after Russian Federation and the fourth-largest oil supply, while Saudi Arabia is the world's biggest oil exporter.

Related News:

  • How will the new tariffs affect your grocery bill?

    How will the new tariffs affect your grocery bill?

    Everybody said, 'Uh, can we get on to another subject?"' "I think NAFTA is dormant for the next six to 12 months". Some have already launched retaliatory measures and filed legal challenges with the World Trade Organization.
    Facebook bug unblocked unwanted users

    Facebook bug unblocked unwanted users

    However, because of the bug, someone who was unblocked could have been able to message a user who had blocked them in the past.
    Amazon Program Aims To Boost Delivery Services

    Amazon Program Aims To Boost Delivery Services

    Amazon's new program could rake $75,000 and $300,000 in annual profits for each entrepreneur. FedEx didn't immediately respond to a request for comment.
  • Fernandes says Akinfeev was a huge help against Spain

    Fernandes says Akinfeev was a huge help against Spain

    Jorge "Koke" Resurreccion and Iago Aspas eventually missed their shots and Russian Federation prevailed. Gerard Pique could also follow, but it's yet to be confirmed by the player himself since their exit.
    HTC axes 1,500 people

    HTC axes 1,500 people

    HTC hopes that by doing this, the company would be able to turn a profit as it said it would by this year. After the upcoming round of layoffs, it will be cutting its total work force by nearly 20 percent.
    Russian Federation  stun Spain on penalties to reach World Cup quarter-finals

    Russian Federation stun Spain on penalties to reach World Cup quarter-finals

    Do Spain have reason to be upset? Goalkeeper Igor Akinfeev was the hero for the home team, saving both the kicks. Some will criticise them for playing with such little ambition, but Russia's defensive play was extraordinary.
  • Meghan Markle's royal wardrobe is worth $1 million, report says

    Meghan Markle's royal wardrobe is worth $1 million, report says

    But strangely, the friend of the Duke of Cornwall gave a pass to Markle's mother, Doria Ragland . It turns out the Meghan effect is followed by not just the general public, but celebrities too.
    USA  seeking second Trump-Kim meeting in NY

    USA seeking second Trump-Kim meeting in NY

    John Bolton said top US diplomat Mike Pompeo will be discussing that plan with North Korea in the near future. Trump threatened nuclear war earlier in his presidency as part of his "maximum pressure" strategy .
    5 killed as private plane crashes in Mumbai

    5 killed as private plane crashes in Mumbai

    CCTV footage unearthed the terrible accident of a chartered plane which got crashed in Mumbai's Ghatkopar area on Thursday. There were two pilots and two aircraft maintenance engineers on board.
  • Thai navy releases more videos of trapped boys

    Thai navy releases more videos of trapped boys

    Men from the Electricity Generating Authority of Thailand overseeing the pumping of water from Tham Luang Cave. A video taken by the Thai Navy showed the boys sitting or standing on the rock above an expanse of water.
    Thai Soccer Team Found Alive in Cave After 9 Days

    Thai Soccer Team Found Alive in Cave After 9 Days

    I want him to be physically and mentally fit", said Tinnakorn Boonpiem, whose 12-year-old son Mongkol is among the rescued group. Narongsak explained Monday that fixing rope lines and deploying oxygen tanks along their route allowed the divers to operate.
    South Africa: 'Dead' woman found alive in morgue

    South Africa: 'Dead' woman found alive in morgue

    Later, paramedics from Distress Alert Ambulance Services arrived with their operations manager Gerrit Bradnick. An investigation into the morbid mistake is underway but Bradnick maintained that his company is not at fault.


Most liked

Samsung phones reportedly sending photos to contacts without permission
I mean, a few beach photos randomly sent to your boss at 3:00 a.m.is one thing, but we all know it could be so much worse. Samsung users have reported about the problem on the company's official forums , on Reddit , etc.

France, Uruguay enter quarter-finals
From the teams now left in the tournament, Brazil, Uruguay , England and France have already been champions. Uruguay had to withstand fierce late Portugal pressure as the European champions chased an equaliser.

Cristiano Ronaldo to move from Real Madrid to Juventus for £100million?
Ronaldo is ready to accept the Italian champions' eye-watering £26.5million-a-year contract, taking him up to the age of 37. The " Jugones " report said Juventus would offer to make Ronaldo the highest-paid player in their history at €30m a year.

This deflection knocked Switzerland out of the World Cup
Take a look through the gallery to reveal the predicted Switzerland team to face Sweden in the World Cup Round of 16. Arsenal's Granit Xhaka and Bologna's Blerim Dzemali blew their best chances in the minutes before the break.

Australian archbishop gets 12 months for concealing child abuse
Archbishop Philip Wilson leaves Newcastle Local Court, in Newcastle for sentencing, Australia, July 3, 2018 . He was found guilty by a court in June of covering up abuse by a paedophile priest in New South Wales.

Lakers fans go wild after LeBron James announcement
Evans offers the same sort of skill set as Stephenson but at a higher level and without the on-court antics. James announced this week that he will quit the Cavaliers - for the second time - and head to the Lakers .

England finally wins penalty shootout at World Cup
Jorgensen's miss in Sunday's penalty shootout led to Denmark's elimination from the tournament following a 1-1 stalemate at the Nizhny Novgorod Stadium.

Aaron Finch batting onslaught helps break Williamson, Guptill T20 world record
Four overs later, his 15th four took Australia's score to 200, and he then moved beyond 150 with a swipe to deep midwicket. Australia take on Pakistan on Thursday, and Finch insisted there was no room for complacency.

Japanese players leave locker room spotless after crushing World Cup loss
Belgium boss Roberto Martinez was more optimistic, and said the benefit of the extra rest would outweigh any potential negatives. The players throughout this tournament were very positive, better than in the past.

Trump Administration to Rescind Obama Guidelines on Race in College Admissions
A lawsuit against Harvard over the alleged discrimination against Asian-Americans is working its way through the courts now. In 2016, the Supreme Court upheld the right of colleges and universities to use diversity in their admissions criteria.

Chris Paul agrees to four-year, $160M contract with Rockets
Per game Paul in the first season after moving to Houston has scored 18.6 points, 6.4 rebounds and 7.9 assists. Golden State will enter the 2018-19 season as the favorites once again, but Houston can not be counted out.

Not Good: Samsung Phones Texting Photos to Random People
The issue isn't specific to one mobile carrier alone, and users from different operators reported the same problem. The seemingly misbehaving app is the default messaging tool on Samsung's Android devices.

Arsenal have announced the signing of Borussia Dortmund defender Sokratis Papastathopoulos
He made 186 appearances for the club after joining from Werder Bremen in 2013, having also played for Genoa and AC Milan . Arsenal have announced the signing of Sokratis Papastathopoulos from Bundesliga side Borussia Dortmund .

Warner bowled for one on cricket return
But I've accepted my punishment, I've accepted what I've gone through and I'm moving forward. Smith scored 61 for the Toronto Nationals and is relieved to be playing cricket again.

John Malkovich Joins Jude Law in HBO, Sky’s ‘The New Pope’
He wasn't in The Young Pope , but that oversight is being rectified for The New Pope , according to The Hollywood Reporter . He was most recently seen as a Russian oligarch on Billions .