United States 'dream' of halting Iran's oil exports won't come true: minister

The remaining parties to the 2015 Iran nuclear deal, which curbed Iran's nuclear program in exchange for sanctions relief and from which Trump withdrew the United States in May, agreed on Monday to work to maintain trade with Tehran despite skepticism this is possible as USA sanctions to choke off Iranian oil sales resume in November.

Brent crude prices rose to a almost four-year high above above $82 a barrel on Tuesday after OPEC and its allies said they would stick to the plan they agreed to in June.

Why it matters: The increase in oil prices risks hurting the United States economy, a bright spot on Trump's record, just ahead of the crucial 2018 mid-term elections.

A Nigerian oil industry official said the Organization of the Petroleum Exporting Countries will act to balance the market after oil prices hit a four-year high, but its options may be limited by available spare capacity.

Mr. Rouhani also did not rule out talks, but a change in USA policy will be needed first.

The IIF said in an updated note on Iran's economy that oil exports are falling even although Iran is selling key grades at a deep discount and using its own tankers to ship products to China and India at no extra cost.

The updated report comes as U.S. President Donald Trump and Iranian President Hassan Rouhani exchanged taunts at the United Nations General Assembly on Tuesday.

However, he did say that Seoul hasn't bought any Iranian crude "for three continuous months".

Zanganeh said if Trump wanted prices to ease then he had to "stop his unwarranted interference... in the Middle East and not prevent Iran's production and exports".

Speaking at the Asia Pacific Petroleum Conference (APPEC) in Singapore, the president of commodity merchant Mercuria Energy Trading, Daniel Jaeggi, said that almost two million barrels per day of crude could be removed from the market by the fourth quarter of 2018 due to these sanctions.

"Undoubtedly the oil market is expected to be tight in coming months and, if OPEC's own numbers are to be believed, global oil inventories are to fall during the remainder of the year".

Trump blames that policy for pushing oil futures into a range between about $70 and $80 per barrel and keeping the national average gasoline price anchored near $3 a gallon.

At the same time, the demand worldwide is reaching 100 million barrels per day for the first time in history.

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