Iran oil minister: No change in production, export

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"Mr Trump sends every day a new message that creates uncertainty in the market", Iranian Oil Minister Bijan Zanganeh said in an interview with state television.

Iran on Saturday accused US President Donald Trump of destabilising the oil market with his flurry of tweets taking aim at the OPEC cartel.

According to the top official, the order issued by the U.S. leader is "a great insult to [OPEC] governments and nations, and destabilizes the market".

"But some political measures and instabilities spark concerns in the oil market and increase its price, including Trump's insulting order to some OPEC members", Zanganeh said.

"In our view, a complete cutoff of Iran exports would be very hard to manage and likely result in an oil price spike above $120/bbl".

On June 26, the U.S. Department of State said that it has been pushing countries to stop importing oil from Iran by November.

"Sanctions on Iran are having a chilling effect on their ability to sell oil on the world market", says Murphy.

Zanganeh added that Iran had already devised a plan to counter Trump's threats, and that the plan was working successfully.

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Firms that were doing business in Iran were given up to 180 days to wind up investments, otherwise, they risk huge fines, it said.

The agreement was between Iran and six countries, who agreed Iran would end its nuclear program in exchange for an end to sanctions.

Meanwhile, North America has enough fossil fuels to last us for "generations", but government policies often stand in the way of exploiting these resources.

On Saturday, a petroleum ministry official told state-run IRNA news agency that the US sanctions against Iran's oil exports will weaken the OPEC.

"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.

"If the US government were to relax regulations on offshore oil resources and expedite having companies develop oil resources that are on federal land, then the USA would not almost be as dependent on OPEC as it now is", says Robert Murphy, an economist at the Institute for Energy Research.

Now, President Trump is threatening sanctions against any country that continues to do business with Iran.

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. Two other sources also said South Korea cancelled July loadings of crude and condensate cargoes from Iran as it was uncertain whether they can receive an exemption from USA sanctions on Iran trade. "South Korea overall is lifting zero oil (from Iran) for July loading".

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