Trump Says Saudis Must Compensate For Drop In Iran Oil Supply

These moves follow US President Donald Trump's decision in May to withdraw the United States from the Iran nuclear deal, formally known, as the Joint Comprehensive Plan of Action, which removed sanctions against the Islamic Republic in exchange for curbs on its nuclear program.

"Iran will offer its oil in the stock market, and the private sector can transparently buy and sell the crude through this market", Jahangiri added. "They have to put out another 2 million barrels in my opinion, because we don't want that happening", Trump said.

Iran's first vice president is saying the country's private sector will be able to buy and export crude oil under a new plan to combat US sanctions.

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

President Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close US allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran. The president also had tough words for other United States allies.

"Yes, of course. That's what we're doing".

Iran vowed Sunday to defeat USA efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the worldwide oil market.

The Trump administration's ban on Iranian oil threatens to prompt a crude shortage, analysts say, that could hit American taxpayers at the gas pump just as they expect some relief in gas prices after the summer.

Trump said on Fox News' "Sunday Morning Futures" that European companies will face consequences as a result of the US withdrawing from the Iran nuclear deal.

Iran is among the nations with the highest oil serves, along with Saudi Arabia, which is the world's leading exporter of oil.

Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

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

  • Eleanor Harrison