U.S. wants to reduce Iran's oil revenue to zero

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However, "sanctions alone won't cut it - we'll need to use all of our policy levers, and the help of our allies", he said.

Information provider Genscape said US crude inventories at Cushing had fallen in the week, traders said. Production at Syncrude Canada's oil sands facility near Fort McMurray, Alberta is likely to remain offline at least through July, a Suncor Energy Inc (SU.TO) spokeswoman reaffirmed on Tuesday.

"We are working to minimize disruptions to the global market but we are confident there is sufficient global spare oil capacity".

For now, "simple reality dictates that United States secondary sanctions will have a strong impact", Mr Singh said, because "the choice between the United States and Iranian markets is an easy one for most businesses". "How this really is going to play out seems to be up in the air".

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia had agreed to produce more oil. The White House later walked back on the comments.

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.

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Asia's main economic hubs of China, Japan and South Korea reported a slowdown in export orders in June amid escalating trade disputes with the United States.

"Recurring salvos in the trade war and falling asset prices raise the question of how much tariffs could damage the global economy", USA bank JPMorgan said.

He said in the Fox interview that European companies would face sanctions if they traded with Iran now.

Iran possesses the second-largest gas reserves on the planet after Russian Federation and the fourth-largest oil supply, while Saudi Arabia is the world's biggest oil exporter. On Monday, Hook expressed confidence that the USA sanctions policy would not prompt mass shortages, but analysts have expressed doubt that Saudi Arabia can increase production by as much as Trump described.

"The Trump administration's plan for Iran sanctions is now abundantly clear".

Last week, OPEC countries and other major oil producers that participated in the 2016 Vienna deal agreed on increasing production to one million barrels per day, which is the volume of the countries' over-compliance with the agreement.