USA will 'absolutely' sanction European companies that do business with Iran

European countries have been attempting to negotiate exemptions for their firms, but the official confirmed that US President Donald Trump intends to stick to his deadline.

Information provider Genscape said us crude inventories at Cushing had fallen in the week, traders said.

Cushing supplies are down partially due to an outage in Canada.

"We are not looking to grant licences or waivers in the Iranian market ... but we are prepared to work with countries who are reducing imports", he said.

Last week, US State Department officials announced that they are pushing nations to bring down purchases of Iranian oil to zero. "How this really is going to play out seems to be up in the air".

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"Just spoke to King Salman of Saudi Arabia and explained to him that, because of the turmoil & dysfunction in Iran and Venezuela, I am asking that Saudi Arabia increase oil production, maybe up to 2,000,000 barrels, to make up the difference", Trump said in a tweet on Saturday. The White House later walked back on the comments.

Saudi Arabia's output is up by 700,000 barrels per day (bpd) from May, a Reuters survey showed, and close to its 10.72 million bpd record from November 2016.

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.

China, Japan and South Korea all reported slowdowns in export orders in June amid escalating trade disputes with the United States.

The bank said a "medium-intensity (trade) conflict would likely reduce global economic growth by at least 0.5 percent, "before accounting for tighter financial conditions and sentiment shocks".

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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.

Looming U.S. sanctions against Iran further contribute to expected tightness.

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

Speaking in a ceremony to celebrate the national day of industry and mine, the official said that Iranian crude will be offered on the bourse and the private sector can export it, IRNA reported.

Iranian Supreme Leader Ayatollah Ali Khamenei says he believes the United States sanctions are meant to turn the public against the government, and won't succeed.

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