The United States has been very careful and successful in applying maximum pressure on Iran through sanctions without allowing a spike in the oil price, U.S. Special Representative for Iran Brian Hook told reporters on Wednesday.
Also Thursday, Iran's representative to OPEC, Hossein Kazempour Ardebili, claimed that Russian Federation and Saudi Arabia were helping Trump by increasing their own production to keep oil prices low.
"In view of the latest price slump and the oversupply that looks set to materialize next year, the Organization of the Petroleum Exporting Countries is thinking about cutting back oil production", analysts at Commerzbank said in a note on November 8.
"America wanted to cut to zero Iran's oil sales ... but we will continue to sell our oil ... to break sanctions", Rouhani said.
In China, a flotilla of supertankers carrying around 9 million barrels of Iranian oil worth about $650 million is sitting outside Dalian port.
Preventing crude from rising further, however, was record United States crude production, which hit a whopping 11.6 million bpd in the week ending Nov 2, according to Energy Information Administration (EIA) data released on Wednesday.
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Russian Federation pumps an average of 10.8million bpd and Saudi Arabia, about 10.5million bpd. The EIA expects output to break through 12 million bpd by mid-2019, largely thanks to a surge in shale oil production.
Russian output in October is put at a record 11.4 million barrels per day - an increase of almost half a million barrels per day since it began ramping up production levels in May. Tehran worries OPEC and non-OPEC countries such as Russian Federation will increase their production to fill the gap in response. Other producers, including Brazil and Iraq, have also boosted their production levels during the last six months. He said the US has evidence that Iranian vessels are trying to evade USA sanctions by disabling location transponders used to prevent collisions. The key driver of this, in the short term, is the trade war between the USA and China.
President Donald Trump on Wednesday claimed credit for falling oil prices, glossing over market forces that knocked crude futures from four-year highs last month.
That may led to crude stockpiles, as has been seen in the USA, growing further.
"It's with some satisfaction that I noticed today the price of oil is down". At the same time, Saudi Arabia - under an global cloud over the murder of journalist Jamal Khashoggi - had pledged to pump more oil to stabilize world markets. Overall exports have since fallen to 1.8 million bpd, according to energy consultancy Wood Mackenzie, which estimates volumes dropping to 1 million bpd.
That will have profound implications not just for oil prices but, ultimately, geopolitics.