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

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"The main culprit of the price hikes ... and the destabilisation of the market is Mr Trump and his disruptive and illegal policies", Zanganeh said on state television, after the U.S. president hit out at OPEC, accusing it of "ripping off the rest of the world".

"OPEC and OPEC nations are as usual ripping off the rest of the world, and I don't like it".

In a speech at the United Nations on Tuesday, Trump reiterated calls on Opec to pump more oil and stop raising prices.

Several European diplomats said the SPV idea was to create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands. He called on other nations not to rely on OPEC, lamenting the dependence Germany has on Russian Federation.

USA officials, including President Donald Trump, are trying to reassure consumers and investors that enough supply will remain in the oil market and have pushed OPEC to raise output. By New Year, Mr. Luckok said, as markets tighten, the price could go as high as $100. Brent hit US$82.55 per barrel, its highest since Nov 10, 2014.

The IIF said Iranian shippers were also providing generous payment terms and, in some cases, accepting euros and Chinese yuan instead of USA dollars.

The so-called "OPEC+" group, which includes non-OPEC members such as Russian Federation, met over the weekend but did not decide to boost output.

Trump and Rouhani flip scripts at the United Nations
However, Trump added that sanctions on the nation will stay in place "until denuclearization occurs". The traditional scripts were flipped during Tuesday's dueling addresses by U.S.

US officials say they are ramping up pressure on allies and adversaries alike with a goal of shutting down all Iranian oil and gas exports by November 4, following Mr. Trump's decision to pull out of the worldwide nuclear accord with Tehran in May. 'The US seeks to reduce Iranian oil exports to zero even for a month, but that dream would not come to reality, ' Bijan Zangeneh said on Monday.

This could result in the price of oil rising to $100 per barrel.

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".

Exports of crude oil and condensates have declined by 0.8 million barrels a day (mbd) from April to September 2018, the IIF, which represents major banks and financial institutions from around the world, said.

OPEC and non-OPEC including Russia, Oman and Kazakhstan, met at the weekend to discuss a possible increase in crude output.

Oil at $100? Not so fast, says Goldman Sachs.

"We are not going to put up with it, these terrible prices, much longer".