However, the United States has ruled out any exceptions to India-Iran trade amid massive U.S. sanctions coming Iran's way.
Now, President Trump is threatening sanctions against any country that continues to do business with Iran. The new trade system will be based on bartering goods for crude, as Iran already does under a deal with Russian Federation.
The U.S.is reimposing sanctions on Iran, after President Donald Trump withdrew the U.S. from the Iran nuclear agreement in May.
President Trump is finding that his threats and heated rhetoric do not always have the effect he wishes. This, the Iranian minister warned, would only disrupt the market by increasing concerns among producing countries that would see their sovereignty threatened as a result of the USA pressure.
"Trump's order to OPEC members to increase production is a great insult to those governments and nations, and destabilises the market".
The oil minister accused U.S. President of insulting OPEC by ordering it to increase production and reduce prices, adding that Iranian output and exports had not changed as a result of U.S. pressure, Reuters reported.
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Oil futures are trading near three-year highs as disruptions in Canada and Libya, along with slumping production in Venezuela and a U.S. call for allies to stop buying from Iran, have overshadowed a pledge by OPEC and allies to add 1 million barrels a day. But Trump has also asked Saudi Arabia to tap its 2 million barrel spare capacity and add more oil to the market.
A day later, Saudi Arabia's state producer lowered August pricing for most crude grades in Asia and Europe and cut them for all grades headed to the US. "And even in the recent period, we have observed a steep decline in domestic Saudi oil inventories".
Iran, the fourth-largest oil producer, accounts for five per cent of global oil supply and cutting its exports to zero could push oil up by $50 barrels per day (bpd) if Saudi cannot keep up, said analysts at BofA Merrill Lynch Global Research.
Earlier this week, Trump lashed out at OPEC, accusing the oil organization of failing to help the U.S. to reduce domestic gasoline prices.
Ironically, President Trump's "get tough" approach to Iran may end up benefiting Washington's named adversaries Russian Federation and China - perhaps even Iran. How many others might follow and what might it mean? The wisest approach is unfortunately the least likely at this point: back off from regime change, back off from war-footing, back off from sanctions.