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Saudi Arabia could cover most of the current Iranian oil supplies for International Olympic Committee if India and its refiners were to cut off Tehran crude intake, Singh said, adding that a narrowing spread between Brent Crude and the Dubai oil benchmark gives refiners more options to source reasonably priced crude oil.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections.

On Saturday, President Trump touted an agreement with Saudi King Salman bin Abdul Aziz to vastly increase oil production in an effort to lower prices. "Since Venezuela and Libya failed to produce, OPEC countries chose to increase their output by one million barrels to compensate", Sonatrach's CEO noted, adding: "This is why prices stand at the same level". "Of course. That's what we're doing, absolutely", he said.

Donald Trump is urging oil producing countries except Iran to boost output.

After the United States withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

"Our goal is to increase pressure on the Iranian regime by reducing to zero its revenue on crude-oil sales", Brian Hook, the State Department's director of policy planning, said at a briefing.

Despite the relief from Saudi Arabia and Russian Federation, oil markets remain tense because of unplanned outages from Canada to Venezuela and Libya.

Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour.

In a briefing with reporters, that official said Washington probably would not grant waivers from secondary sanctions against foreign companies that continue to do business with Iran.

"It must be kept in mind that USA shale production has surged to record levels, while demand remains at risk of falling amid global trade tensions". Trump has imposed tariffs on steel and aluminum in response to what he calls unfair trade practices from Europe, Canada, and other allies around the world, who have responded with retaliatory sanctions in kind. "I would assume that infrastructure investment is quite energy intensive, so perhaps that had a knock-on effect to oil demand", said Frederic Neumann, Co-Head of Asian Economic Research at HSBC in Hong Kong".


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