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11 July 2018, 03:40 | Hattie Nash
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Washington's withdrawal from the landmark Iran nuclear deal was widely criticized across the world.
Indications are growing that show the USA can not rely on Saudi Arabia for too long to make up for the missing Iranian oil supplies once American sanctions are re-imposed against the country.
Zanganeh said that exerting pressure as such was against the principles of the Organization of the Petroleum Exporting Countries (OPEC) in which both Saudi Arabia and Iran are founding members.
The president of OPEC defended the oil producer group on Monday against U.S. President Donald Trump's recent demands for higher oil output, saying OPEC does not shoulder the blame. The kingdom was also said to have increased daily output by about half a million barrels in June.
OPEC agreed in June on a modest increase in oil production starting in July after its leader, Saudi Arabia, persuaded arch-rival Iran to cooperate, following calls from major consumers to curb rising fuel costs.
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Members signed on to the two percent benchmark in 2014 at the NATO Summit in Wales in response to Russia's annexation of Crimea. The NATO alliance has been critical to the USA since its formation in 1949 when it was created in response to the Soviet Union.
Hossein Kazempour Ardebili, Iran's ambassador to the OPEC, said the strong rhetoric by Trump against OPEC and oil producers could soon push up crude prices to as high as 100 US dollars per barrel.
Iran, OPEC's third-largest producer, is facing USA sanctions on its oil exports that are prompting some buyers to cut purchases. Zanganeh said Iran's stance on this issue was clear.
Now, President Trump is threatening sanctions against any country that continues to do business with Iran.
"We estimate that every million bpd shift in supply and demand balances would push the oil price by $17 bpd on average".
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Each boy is being accompanied by two divers and it takes hours to negotiate the flooded tunnels through the dark, murky water. On Sunday, teams of divers brought out four of the trapped boys but waited several hours before confirming their safe rescue.