Trump administration seeks to drop Iran's oil revenue to nothing

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"In the near-term, the level of OPEC production - deployment of spare capacity by Saudi Arabia, Iraq, UAE, Kuwait (and ex-OPEC by Russia), and involuntary disruptions in Libya, Venezuela, Iran - are more important drivers of crude prices", Goldman Sachs said in a note published late on Monday.

The president, in an interview with Fox News' "Sunday Morning Futures with Maria Bartiromo", also said he would not complete a new NAFTA trade deal with Canada and Mexico until after the November congressional elections.

Oil prices rose on Friday on worries that USA sanctions against Iran would take away significant volumes of crude oil from world markets while oil demand worldwide increases.

Trump, who is spending the weekend at his golf property in New Jersey, said in a tweet on Saturday that Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud of Saudi Arabia had agreed to produce more oil. "They have to put out another 2 million barrels in my opinion, because we don't want that happening", Trump said.

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Trump announced earlier this year that he would pull the US out of the pact, which offered Tehran sanctions relief in exchange for curbing its nuclear program.

Trump said on Fox News' "Sunday Morning Futures" that European companies will face consequences as a result of the USA withdrawing from the Iran nuclear deal.

OPEC's June output was 32.32 million barrels per day (bpd), a Reuters survey showed on Monday, up 320,000 bpd from May.

Saudi Arabia has been pumping around 10 million bpd in recent months and sources close to its oil policy have said it could raise output to 11 million bpd. "There's nothing we can't procure, there's nothing we can't process", Singh said.

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Iran is among the nations with the highest oil serves, along with Saudi Arabia, which is the world's leading exporter of oil.

Trump will visit Europe this month for a meeting with North Atlantic Treaty Organisation allies, whom he has criticized sharply as paying too little for their joint defense.

Also weighing on oil demand are trade disputes between the United States and other major economies including China, the European Union, India and Canada.

"It must be kept in mind that USA shale production has surged to record levels, while demand remains at risk of falling amid global trade tensions".

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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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