India Has Back-Up Plans In Case Of Complete Iranian Oil Cut-off

India Has Back-Up Plans In Case Of Complete Iranian Oil Cut-off”

Washington aims to cut Iran's oil sales, First Vice President Es'haq Jahangiri said, adding that this is an impossible measure.

After the United States withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November. Asked if someone was manipulating oil markets, Trump said: "OPEC is and they better stop it because we're protecting those countries, many of those countries".

First Vice President Es'haq Jahangiri said on Monday that Iran is able to counter the looming US sanctions, noting that those at the White House who think they can halt Iran's oil export are living in "illusion".

The White House later walked back the president's comments, saying the king had said his country could raise oil production if needed.

"Our view is clear: The stronger the implementation and enforcement of a zero Iranian export scenario, the higher the oil price will go, with $100 per barrel crude a distinct possibility", it said. "Of course. That's what we're doing, absolutely", he said.

Several refiners in the largest oil market are looking at alternative supplies from Saudi Arabia to Iraq after the White House said it won't offer extensions or waivers to USA allies.

The United States will sanction any European companies found doing business with Iran, Donald Trump said during an interview aired on Sunday. It's bad what they do to us, he said.

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

"With the oversupply fears still lingering in the background, rising production from OPEC+1 and USA shale, plus trade war fears, could negatively impact oil prices".

On Fox, Trump directed blame at the Organization of the Petroleum Exporting Countries, of which Saudi Arabia is the biggest producer.

Oil prices dropped on Monday as supplies from Saudi Arabia and Russian Federation increased and the market continued to absorb the impact of US President Donald Trump's weekend tweets - although analysts expect the decline to be short-lived.

Trump warned at the time that other nations would face sanctions unless they stopped trading with Iran.

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