Oil prices fell on Monday, reversing course from last week as supplies from Saudi Arabia and Russian Federation rose while economic growth stumbled in Asia amid escalating trade disputes with the United States. Iran supplied 18.4 million tonnes of crude oil during April 2017 and January 2018 (first 10 months of 2017-18 fiscal).
The United States will sanction any European companies found doing business with Iran, Donald Trump said during an interview aired on Sunday.
Brian Hook, the State Department's director of policy planning, told a news conference that the USA goal was to get as many countries as possible down to zero Iranian oil imports.
Some key countries are reliant on Iranian oil imports, including India and Turkey.
As a result of those sanctions, companies that do business with Iran could face penalties from the U.S. It was previously unclear if the U.S. would penalize European nations that chose to remain in the Obama-era agreement.
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"We are working to minimize disruptions to the global market, but we are confident there is sufficient global spare oil capacity", Hook said.
Some 50 worldwide companies had announced their intention to leave the Iranian market, particularly in energy and financial sectors, as the United States moved to reimpose the sanctions against Iran, Hook said.
The Treasury Department will reimpose sanctions on Iran's automobile industry and trade of gold and other metals on August 6th. The sanctions on Iran's energy sector, petroleum related transactions, and transactions with the central bank of Iran will go back into effect on November 4th. "Absolutely", the president responded when asked if the USA would sanction European countries that do business with Iran.
"Many countries around the world share our interests in countering terrorism, halting the proliferation of missiles and promoting peace and stability in the Middle East". "We are prepared to work with countries that are reducing their imports on a case-by-case basis, but as with our other sanctions, we are not looking to grant waivers or licenses".