Iran threatened retaliation against regional oil producers in the event that its revenue from export sales collapses as a result of USA sanctions pressure.
"Prices [too] high!" he said.
Seeing an opportunity to drive a wedge even further, Iranian President Hassan Rouhani is visiting Switzerland and Austria this week to press Europe to stay committed to the 2015 deal. On Friday, the top diplomats from Britain, France, Germany, as well as China and Russian Federation will join Iranian Foreign Minister Mohammad Javad Zarif in Vienna to discuss a "European incentive package and the solutions to preserve Iran nuclear deal after USA illegal action to withdraw", according to Iran's state-run news.
After ripping up the Iran nuclear deal in May, the Trump Administration is fanning out across the globe to rally support for a return to economy-crippling sanctions against Tehran. "But when they apply sanctions on people's basic needs like medicine, who will be put under pressure?"
He added, "I'm afraid this exercise is not going to have any meaningful impact on the situation", as European countries have already made clear they want to stick to the deal, but can not force companies to stay in the Iranian market in the face of new U.S. sanctions.
"The Americans claim that they want to completely stop Iran's oil exports but they don't understand the meaning of this sentence because it's meaningless that Iran's oil can not be exported, while region's oil is", the Iranian president was quoted as saying by his official website.
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"Do this if you can and see the consequences". Rouhani didn't elaborate but when pressured in the past, Iran has threatened to close the strategic Strait of Hormuz though which one third of the world's oil supply passes.
The Iranian government itself could get round sanctions imposed on state-owned oil producers and distributors by allowing private companies handle the sales but the US Treasury would be likely to target these outfits as state proxies. The first group of sanctions on the automotive sector, gold trade, and other industries will "snap back" beginning on August 4. It did not immediately respond to a request for comment Tuesday over Rouhani's remarks.
"We will have to see if it is going to be good enough for the Iranians", the source added. Large drug seizures are common across the region.
The company also said it "has the ability to increase oil production by several hundred thousand barrels of oil per day, should this be required to help alleviate any potential supply shortage in the market".
Iran is OPEC's second-largest crude exporter with more than 2 million barrels a day and the global price of oil has always been a point of contention for U.S. President Donald Trump. Dubai also is the U.S. Navy's busiest port of call overseas.
Last week (June 22), OPEC and Russian Federation cobbled together an agreement that would see additional oil output in the coming months, designed as a way to push down prices, which have reached a three-and-a-half-hear high.
Trump subsequently expressed concern about oil prices last week, announcing in a tweet that he and King Salman of Saudi Arabia had agreed to raise daily oil production by 2 million barrels.