"Saudi Arabia, UAE Turning OPEC Into A US Tool", Says Iran

India has cleared that it does not recognize the sanctions by the U.S. on Iran but it is negotiating with the United States to win a waiver in order to protect itself from the wider exposure to US financial system.

When Iran faced its toughest worldwide sanctions between 2012 and 2015, analysts say it found a number of creative solutions, from repainting and renaming ships to switching off their tracking devices. Gold was also supported by the news that the USA had extended an invitation to China to renew trade talks.

The United States is under the process of imposing new economic sanctions after the Trump administration made a decision to pull out of the nuclear deal with Iran.

USA pressure has already caused a 24 per cent drop in Iran's sales between May and August, according to Bloomberg.

"We are under no pressure to make a deal with China, they are under pressure to make a deal with us", Trump tweeted.

The Paris-based energy agency said falling output in Iran and Venezuela could drive up prices if it is not offset by more production elsewhere.

Saudi Arabia, which is the world's largest crude exporter, pumped 10.49 million barrels per day in August.

For the week, November WTI crude oil settled at $68.77, up $1.22 or +1.81%.

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That would mean a loss of some $2-2.5 billion a month, at current prices.

Earlier this week, Iran's First Vice President Eshaq Jahangiri said that Iran's oil sales will "never reach zero", the Iranian oil ministry's news service Shana reported.

This, the official warned, could eventually enable the member states of the Organization for Economic Cooperation and Development (OECD) to store more oil whereas one of the objectives of the deal was to prevent this from happening given that it could lead to the crash of oil prices internationally.

Another factor that undercuts the argument of a tightening market is waning demand, and the IEA noted that the demand outlook for this year and next is less bullish, with demand growth unchanged at 1.4 million bpd and 1.5 million bpd, respectively.

The sanctions would include targeting Iran's automotive sector, trade in gold, and other key metals. Today, the United States is poised to become the world's top oil producer.

The figures showed a 12.19-percent shrink in weight and 10.67-percent decline in value compared with the same period past year, according to the report.

Hindustan Petroleum, Reliance Industries and HPCL Mittal Energy (HMEL) have no plans to buy from Iran in September and October, they said. "But we shouldn't ignore the possibility and the willingness to keep prices from going too high too quick, which would arguably cut into their long-term demand prospects", he said.

"If we can not continue [the previous] level of sales even after the European package has been implemented, then that is a red line for us", warned deputy foreign minister Abbas Araghchi on state television. The concern for Trump and Republican candidates has been higher global oil prices and higher gasoline prices hitting voters in the pocket book and possibly causing voter backlash at the polls.

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