Iran Warns India Against Oil Imports From US and Saudi Arabia

An aerial view of an Iranian floating oil export terminal in the Persian Gulf

The kingdom was also said to have increased daily output by about half a million barrels in June. He said that Iran has helped India significantly on strategic issues like energy and connectivity yet India has not kept up its promises of investment in the Chahbar port.

"OPEC alone can not be blamed for all the problems that are happening in the oil industry, but at the same time we were responsive in terms of the measures we took in our latest meeting in June", Organization of the Petroleum Exporting Countries President Suhail al-Mazrouei told Reuters in an interview in Calgary, Alberta. But Trump has also asked Saudi Arabia to tap its 2 million barrel spare capacity and add more oil to the market.

The United States and China exchanged the first salvos in what could become a protracted trade war on Friday, slapping tariffs on $34 billion worth of each others' goods and giving no sign of willingness to start talks aimed at a reaching a truce. This statement comes in the wake of fresh sanctions on Iran after US President Donald Trump chose to pull out of the nuclear deal with Iran.

The U.S.is reimposing sanctions on Iran, after President Donald Trump withdrew the U.S. from the Iran nuclear agreement in May. And some of its major European allies have been working to prevent the 2015 deal from falling apart.

Iran has threatened to block oil exports through a key Gulf waterway in retaliation for U.S. efforts to reduce Iranian oil sales to zero.


Iran, OPEC's third-largest producer, is facing United States sanctions on its oil exports prompting some buyers to cut purchases.

"There might be a slight decline in Iran's oil sale, but different companies' secret purchase of Iran's oil can compensate it", he said.

"There will remain no such organization (as OPEC) in the future after continuation of the sanctions" against Iran, he was quoted as saying.

Oil prices could jump steeply to cross $120 per barrel in a not-to-be ruled out scenario of zero Iranian exports combined with Opec's lack of preparedness to offset the huge supply deficit, market analysts said. "South Korea overall is lifting zero oil (from Iran) for July loading".

South Korean buyers of Iranian crude and condensate are SK Energy and SK Incheon Petrochemical, owned by SK Innovation, Hyundai Oilbank Corp and Hanwha Total Petrochemical Co.

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