Trump administration ramps up pressure on Iran's economy

Some key countries are reliant on Iranian oil imports, including India and Turkey.

Iran has said it will fight back against U.S. efforts to squeeze Iranian oil exports, accusing countries that fill the gap in oil markets of "a big treachery to the Iranian nation and the world community", according to Iran's First Vice President Eshagh Jahangiri.

"He has agreed!", though statements from Saudi media have made no mention of an agreement to raise Saudi oil production.

The United States aims to reduce Tehran's oil revenue to zero in an effort to force the Iranian leadership to change its behavior in the region and believes there is enough spare global oil capacity to make up for lower supply from Iran, a senior U.S. State Department policy adviser said on Monday.

That is the "road map for the better deal" that the U.S. is seeking, he said.

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After Trump announced his withdrawal from the Iranian nuclear agreement, Hook said the American diplomatic teams from the State and Treasury are bringing with them a message of cooperation and coordination.

However, "sanctions alone won't cut it - we'll need to use all of our policy levers, and the help of our allies", he said. The White House has said the US will put those sanctions back into place.

"Member nations of the Organisation of Petroleum Exporting Countries (OPEC) and the leading non-OPEC oil producer Russian Federation, should maintain the Algiers Pact they forged in September 2016 so that oil prices will continue to ramp up", Sonatrach CEO Abdelmoumen Ould Kaddour said.

"They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets", said Jahangiri.

Hook said that the first part of United States sanctions against Iran will snap back on August 6.

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Oil production, prices and politics require a delicate balance.

Speaking in a ceremony to celebrate the national day of industry and mine, the official said that Iranian crude will be offered on the bourse and the private sector can export it, IRNA reported.

But members did not reach a decision "to assign any allocated production level of any member to others", Iran's oil minister Bijan Zangeneh said in a letter addressed to the oil cartel published by the ministry's Shana news agency.

The letter calls on the president of OPEC to "remind" member states to "adhere to their commitments. and refrain from any unilateral measures undermining the unity and independence" of OPEC.

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