Iran announces plan to circumvent U.S. oil sanctions

A group of protesters chant slogans at the main gate of old Grand Bazaar in Tehran Iran

Since a State Department official first told reporters on June 26 that the U.S. was preparing to ask allies to cut their oil imports from Iran, the USA market took a hit, with U.S. crude jumping more than 8 percent.

Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market.

The leading OPEC member announced plans to pump a record-high 11 million barrels of oil per day in July, according to press reports.

His remarks came in the light of his controversial decision earlier this year to pull America out of the Iran nuclear deal and reimpose sanctions - a move strongly opposed by Europe.

The price for Brent crude oil, the global benchmark for the price of oil, was up 1.32 percent as of 9:15 a.m. EDT to $78.32 per barrel.

On Fox, Trump directed blame at the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the biggest producer. 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. Iran, however, said it would be tough to erase its oil completely from the market by November, when us sanctions snap back into place. "OPEC is and they better stop it because we're protecting those countries, many of those countries". "They don't want our farm products".

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Trump was not specific on whether the additional 2 million barrels was a per-day figure - but worldwide daily demand is nearing 100 million bpd.

At their meeting in Vienna last month, OPEC countries and key ally Russian Federation said they will raise production by a million barrels per day, but analysts are concerned it may not be enough for oil prices to spiral out of control, at least until new USA shale production comes on stream.

The Organization of the Petroleum Exporting Countries agreed with Russian Federation and other oil-producing allies last month to raise output from July, with Saudi Arabia pledging a "measurable" supply boost but giving no specific numbers. 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.

Mr Trump took another swing at his European allies saying they dealt unfairly with the USA over trade.

"Investors should keep in mind that U.S. shale production remains robust while global trade tensions present a threat for global growth, and this may translate to less demand for commodities". Off-topic, inappropriate or insulting comments will be removed.

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