USA wants to reduce Iran's oil revenue to zero

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Oil prices had risen on Friday on worries that U.S. sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases. Even if the United States is only able to cut Iran's oil exports in half, it could have a devastating impact on the global economy, fueling a major surge in global oil prices.

Rouhan, now on a visit to Europe to discuss the future of the nuclear deal, warned that any threat to Iran's crude oil exports would threaten the rest of the Mideast.

The Trump administration's ban on Iranian oil threatens to prompt a crude shortage, analysts say, that could hit American taxpayers at the gas pump just as they expect some relief in gas prices after the summer. It's bad what they do to us, he said.

After the USA withdrew from the Iranian nuclear deal in May, it said it would reimpose economic sanctions against Tehran by November.

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

"And so, we are not looking to grant licenses or waivers broadly on the reimposition of sanctions, because we believe pressure is critical to achieve our national security objectives", he said.

"We have been clear with countries and companies around the world that we are bringing severe economic pressure on Iran until the regime changes its destabilizing policies", he added.

He says the USA has threatened not to allow Iran to continue exporting its oil.

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It produced some 2.8 million barrels of oil per day in May, according to the most-recent figures released by OPEC.

US President Donald Trump said Saturday that Saudi Arabia had agreed to increase oil production by up to 2 million bpd to moderate high prices.

At the same time, the official said, the United States would work with countries that import Iranian crude on a "case by case" basis, signaling that the Trump administration might not immediately impose sanctions on those that continue importing from Iran beyond a November 4 deadline. But those moves may be tempered by an equal desire by the United States and other country for stable oil prices.

"It depends on the conduct of other governments", Bolton said.

President Trump lashes out at OPEC with a warning to stop manipulating oil markets and piles pressure on USA ally Saudi Arabia.

"OPEC is manipulating, and you know they allowed (a production increase) less than we thought last week".

"An issue that compels me to write to Your Excellency is that we have not arrived at any decision to assign any allocated production level of any member to others", he said.

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