Iran issues oil warning as UAE says production can rise

Iranian Vice President Jahangiri speaks during a news conference after a meeting with Iraq's top Shi'ite cleric in Najaf

The Government of India is bracing for more "pressure" from the USA on Iran sanctions in the coming weeks, but hopes that there may be an exception made for its dealings on the Chabahar port, as officials meet with a US delegation in the next few weeks.

India is looking at the possibility of falling back on the rupee-rial arrangement for importing oil from Iran in the wake of United States sanctions on buying oil from the Persian Gulf nation, official sources said Wednesday.

The UAE, an American-allied federation of seven sheikhdoms on the Arabian Peninsula, hosts some 5,000 US troops.

Since Trump's announcement of the US withdrawal in May, his administration has sought to reimpose sanctions on Iran and has encouraged other countries to do the same.

And the move to take Iranian barrels off the market isn't the only thing that could send oil prices higher: Venezuelan oil production continues to decline, and Libya's ability to sustain even limited oil exports is in question given political turmoil in the country.

"But this must be balanced and if signatories other than the USA can guarantee Iran's interests, Iran will stay in the deal without the US", he added.

"Iran will survive this round of United States sanctions as it has survived before". Oil remains Iran's lifeblood and supplies roughly 40 percent of the government's revenue.

Since President Donald Trump's decision to withdraw in May, calling the agreement deeply flawed, European states have been scrambling to ensure Iran gets enough economic benefits to persuade it to maintain the nuclear curbs required in the deal.




When asked at a news conference in Bern later on Tuesday whether those comments constituted a threat to interfere with the shipping of neighbouring countries, Rouhani said, "Assuming that Iran could become the only oil producer unable to export its oil is a wrong assumption ..."

The US Navy's 5th Fleet, which patrols the region, has said it has not seen any "unsafe and unprofessional" actions by Iranian naval forces in the Persian Gulf since August 2017.

Hanegbi's remarks came before senior diplomats from Iran, Britain, China, France, Germany and Russian Federation meet in Vienna on Friday, aiming to safeguard a pact reached in 2015.

MP Assadollah Qarehkhani was quoted by media as saying that a special committee had been formed in the Parliament that would deal with bartering oil with goods, adding that this was meant to help Iran overcome the impacts of upcoming U.S. sanctions.

Mr Rouhani met Austrian leaders on Wednesday after a visit to Switzerland that failed to secure hoped-for commercial contracts, including a deal to buy subway carriages for Tehran's metro.

Iranian state media reported on Tuesday that Foreign Minister Mohammad Javad Zarif will be in Vienna, Austria for the talks.

"These are exaggerated statements that can never be implemented", Rouhani told reporters in Bern, after holding talks with Swiss authorities on a range of issues, including the nuclear deal. But Britain, China, France, Germany, Russia and the European Union have vowed to keep the pact alive despite Washington's withdrawal.

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