Oil falls amid rising Saudi output, Asian economic slowdown

Iran to allow private sector to export oil, beat US sanctions

Crude prices fell Tuesday, retreating from early gains that had lifted the USA benchmark as high as $75 for the first time in more than three years, which prompted traders with bullish positions to book some profits ahead of the July 4 US holiday.

Iran will use various methods to prevent a possible reduction in its oil exports after re-imposition of the US sanctions.

Iran says it will find ways to export its oil, despite what he does.

At the time, the Trump administration gave foreign companies either 90 or 180 days to wind down their business with Iranian counterparts, depending on the type of commercial activity.

The U.S. 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 Gulf since August 2017.

The White House later walked back the president's comments, saying the king said his country can raise oil production if needed.

Iranian President Hassan Rouhani is warning that regional oil supply could be jeopardized if the United States manages to get its allies to stop buying Tehran's oil.

The issue is of concern as crude oil prices hit four-year highs.

Rouhani said the main goal of the United States by imposing sanctions is to put pressure on people, but they claim that they want to put pressure on the Iranian government.

"Yes, of course. That's what we're doing".

A US State Department official said in a briefing that more than 50 global companies intend to drop the use of Iranian oil before the 4 November restart of the sanctions.

Meanwhile, Iranian Oil Minister Bijan Zanganeh sent a letter to the Organisation of Petroleum Exporting Countries (OPEC) asking its members to adhere to the group's agreement reached last month to collectively raise output and "refrain from any unilateral measures" that could undermine the unity of the producer group.

Iran's crude production was around 3.8 million barrels per day in May, according to OPEC's Oil Market Report for May. The Saudi state oil company has been trying to make up for Libya and Venezuela's oil production cuts, but could stand to make a lot of money with record production combined with a price surge.

Still, Iran vowed on Sunday to defeat U.S. efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the global oil market.

"Depending on your belief you could just as easily bet on $100 as $60 by the end of the year", he said in a research note published Monday. Today, U.S. oil production can respond more quickly to market conditions, meaning that periods of tight supply are likely to be shorter in duration.

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