Published on July 2, 2018

Iran will allow private companies to export crude oil, part of a strategy to counter U.S. sanctions, and advised fellow OPEC members, including regional rival Saudi Arabia, not to break output agreements. Iran is looking at ways to keep exporting oil as well as other measures to counter sanctions after the United States told allies to cut all imports of Iranian oil from November. Referring to reports that Saudi Arabia may increase its oil exports to replace Iranian oil in world markets, Jahangiri said: “Anyone trying to take away Iran’s oil market (share) would be committing great treachery against Iran and will one day pay for it.” Iran had been pushing hard for oil producers to hold output steady as U.S. sanctions are expected to hit its exports.

But Saudi Arabia, OPEC’s biggest producer, was keen to raise output to meet calls from Trump and major consumers such as India and China to help cool oil prices and avoid shortages, according to Saudi officials including Energy Minister Khalid al-Falih.