Us Warns Airliners Flying in Persian Gulf Amid Iran Tensions

Iran oil

"This complexity and intensity will continue to mount while the sheer range of issues impacting our business is pulling the oil market in multiple opposing directions", Falih said.

But the subject of Iran, which is not present, will dominate the one-day meeting of the OPEC+ group. Violent activity in the region, including the sabotage of several oil tankers and the bombing of a Saudi oil pipeline by Iranian-backed Yemeni forces further fueled the growing tensions.

But he also has said he will do what it takes to protect U.S. interests overseas. After the meeting the ministers will announce the results of the implementation of the Vienna deal on cutting the output.

Describing the strict sanctions Washington has imposed on Iran " s economy, particularly its crude exports, as "brutal" and "inhumane", the Iraqi cleric said that Iraqi people will support Iran in the battlefield of confronting the threats.

As part of the six-month deal reached, OPEC countries, including Saudi Arabia and the UAE, were expected to cut production by 800,000 barrels a day while non-OPEC countries, including Russian Federation, trim 400,000.

But UAE Energy Minister Suheil al-Mazrouei said inventories were still building up.

"They want to have the stick in their hands, trying to intimidate Iran at the same time calling for a dialogue", Ravanchi told CBS.

Iran recently said it would resume enriching uranium at higher levels if a new nuclear deal is not reached with Europe by July 7.

Rep. Tulsi Gabbard, who has made foreign policy a central part of her campaign, said President Donald Trump is "setting the stage for a war in Iran". The 38-year-old was born in 1981, a year after Iran and Iraq began their eight-year war and was 9 years old when Saddam Hussein's forces invaded Kuwait leading to a destructive war that forced Iraq out of Kuwait and 13 years of crippling sanctions.

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Energy intelligence firm Kpler sees Iranian exports plunging from 1.4 million bpd in April to around half a million barrels in May - down from 2.5 million in normal circumstances.

That shows that OPEC+ producers are cutting output by more than their share.

But exporters fear a rush to raise production to plug the gap left by Iranian exports could backfire, triggering a new supply glut. However, the USS McFaul and the USS Gonzalez, two Arleigh Burke-class destroyers, transited the strait on Thursday without incident.

Damage to the Norwegian-flagged oil tanker MT Andrea Victory off the coast of Fujairah, United Arab Emirates, May 13, 2019.

Riyadh has accused Tehran of ordering Tuesday's drone strikes on two oil pumping stations in the kingdom, claimed by Yemen's Iran-aligned Houthi group.

Iran has denied alleged US intelligence suggesting the Islamic Republic was secretly arming commercial ships with missiles, and emphasized that neither country sought war as tensions heightened.

"He doesn't want to go to war".

Saudi Arabia's King Salman on Sunday invited Gulf and Arab leaders to convene emergency summits in Mecca on May 30 to discuss implications of the attacks. No-one has claimed responsibility, but two United States government sources said last week that USA officials believed Iran had encouraged the Houthi group or Iraq-based Shi'ite militias to carry it out.

As President Donald Trump squeezes oil exports from the Islamic Republic with sanctions, the discussions among other producers such as Saudi Arabia and Russian Federation likely will focus on whether they need to fill a resulting supply gap.

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