Iran to Sell as Much Oil as It Can Despite US Economic War - Vice President

Iranian Vice President Eshaq Jahangiri said that it would be a mistake to think that the new US sanctions against Tehran would have no influence on Iran's economy.

Eshaq Jahangiri said that Iran would "sell as much oil as [it] can" despite US efforts to reduce Iran's oil exports, as quoted by the Fars News Agency.

Earlier, Iranian President Hassan Rouhani warned US President Donald Trump of the consequences of applying new sanctions against Tehran.

The Iranian president added that the country would stand firm against Washington's pressure.

READ MORE: Iran May Block Oil Transit Via Strait of Hormuz if US Levies Sanctions — IRGC

In early July, US President Donald Trump demanded that the Organization of Petroleum Exporting Countries should do more to stop the surge in global gasoline prices. Iranian Oil Minister Bijan Zanghaneh has criticized Donald Trump's demands as a "great insult to those governments and nations."

In late June, OPEC members and other major oil producers that participated in the 2016 Vienna deal, including Russia, agreed to increase oil production to one million barrels per day. The deal, which came into effect in 2017, has been extended twice since then and will remain in force until the end of 2018.