Iranian President No One Will Benefit From U.S. Nuclear-Deal Exit

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Iran could also reduce its co-operation with the United Nations nuclear watchdog, President Hassan Rouhani told the body's head, after he warned US President Donald Trump of "consequences" of fresh sanctions against Iranian oil sales.

Iran's president has called on the worldwide community to defy Washington's stated intention of choking Iranian oil exports, describing the plan as a careless act of criminal aggression that doesn't care about consequences. This U.S. government will not stay in office forever.

On Tuesday, Rouhani hinted at a threat to disrupt oil shipments from neighbouring countries if Washington tries to cut its exports.

The ministers are to discuss how their countries can best support the deal following the withdrawal of the United States.

"We are asking them to go to zero", a State Department official said on a call with reporters, adding that countries that buy Iranian oil should be winding down purchases now rather than waiting until November. "We don't keep it [to] ourselves", he said.

The United States has warned other countries that they will also face sanctions if they continue to trade with sanctioned areas of the Iranian economy.

"I really don't see how this is feasible from either a political or market perspective", said Richard Nephew, who helped negotiate the original oil sanctions on Iran and who is now at Columbia University's Center on Global Energy Policy.

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On July 6, the foreign ministers of Iran and the five world powers still party to the nuclear deal - Britain, France, Russia, China, and Germany - will meet in the Austrian capital to discuss ways to preserve it in the wake of the USA withdrawal.

Rouhani said the new USA pressure would never succeed.

The Iranian president reiterated Tehran's position that it would remain committed to the JCPOA so long as the country can enjoy its "benefits".

India may likely to fall back on the rupee-rial arrangement for importing oil from Iran in case the U.S. forces it to cut procurement of petroleum products from that country, the sources said.

China is Iran's top trading partner and No 1 oil and non-oil buyer, as well as major investor.

"At the meeting, which will be held at the request of Iran, foreign ministers of Iran and five world powers will discuss a proposed European package and measures to protect the agreement", Iranian state news agency IRNA reported on Tuesday.

The administration's tough new stance on Iranian exports, which goes far beyond what the Obama administration demanded and what most market experts were expecting, suggests that Russian Federation and Saudi Arabia have agreed to make up whatever Iranian production is taken out of the market, Vakhshouri said. On Saturday, Trump wrote on Twitter that he had received assurances from King Salman of Saudi Arabia that the kingdom will increase oil production, "maybe up to 2,000,000 barrels" in response to turmoil in Iran and Venezuela.

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