2018 budget in danger as Saudi Arabia pump 2m more barrels

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Shortly after, the White House backtracked on Trump's statement, saying that Riyadh is ready for measures aimed at stabilizing the oil market.

Iran says it will find ways to export its oil, despite what he does.

The US on Monday said it is prepared to work with nations that are reducing their oil imports from Iran on a case-by-case basis, but ruled out granting waivers to countries like India or Turkey as it could substantially reduce pressure on Tehran.

The spike was the latest fallout from the Trump administration's decision to abandon the landmark Iran nuclear deal and reimpose sanctions on Iran - a move that has strained relations between the United States and other world powers that support the deal.

On Monday, Brent oil prices were around 1 percent lower but not far from $79 per barrel as analysts have warned of thin global spare capacity to offset potential supply disruptions.

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

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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". Iran, however, said it would be tough to erase its oil completely from the market by November, when US sanctions snap back into place.

"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week". Trump's tweet, however, mentioned no time frame for the additional 2 million barrels - whether it meant per day or per month.

Saudi Arabia, which has been pumping around 10 million barrels per day, holds the largest spare capacity in the world and is the only country that can add substantial supply to the market.

They agreed to bring down overcompliance with the cuts, resulting in an output increase of one million barrels a day, according to the Saudi energy ministry.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections.

Mr Trump took another swing at his European allies saying they dealt unfairly with the USA over trade. Off-topic, inappropriate or insulting comments will be removed.

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