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Oil prices edged up on Wednesday, lifted by a report of declining USA fuel inventories amid the ongoing crude supply outage at Syncrude Canada in Alberta, which usually supplies the United States.

Trump said in a tweet on Saturday that Saudi Arabia's King Salman bin Abdulaziz Al Saud had agreed to produce more oil.

He hopes that will keep prices low - and motorists happy with cheaper fuel - as he tries to force the Iranians out of the market.

"Such measures are taken as a psychological war against the country", Jahangiri made the remarks at a conference held to mark National Day of Industry and Mine in the capital Tehran.

"Saudi Arabia's readiness to utilize its spare production capacity which is estimated at 2 million barrels could spell trouble for oil bulls down the road", Lukman Otunuga, research analyst at FXTM, told Arab News.

So, how much support can Trump garner for his economic assault against Iran?

Saudi Arabia says it is ready to use its surplus two million barrels of oil production capacity to even out the global market.

"Continuation of exporting oil is symbol of victory against the USA sanctions and I hope we would witness this great victory through planning by the Oil Ministry", the vice president explained. "Of course. That's what we're doing, absolutely", he said.

President Donald Trump lashed out at OPEC with a warning to stop manipulating oil markets and piled pressure on close USA allies in an interview that aired on Sunday with a threat to sanction European companies that do business with Iran. "We are also working with oil market participants, including producers and consumers, to ensure market stability".

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

The US "down to zero" plan rests heavily on banning India and China from buying from the Iranians, and while Indian companies have suggested they will dial it back, China remains in the nuclear deal and nearly certainly won't give in to US demands.

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.

But the USA official, Brian Hook, also said that keeping prices stable in the absence of Iranian crude is also important.

"They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets", said Jahangiri.

"Our attempt is to defeat USA policies in the sale of oil and we are pretty sure we will sell our oil as much as we need", he added.


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