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On Thursday, Trump called on OPEC to lower prices, after benchmark Brent oil reached $80 a barrel, mainly stemming from a decline in exports from Iran, because of fresh US sanctions.
President Trump and his Iranian counterpart will offer duelling addresses to the United Nations today after threats of new U.S. sanctions and a claim from the Supreme Leader that American allies funded an attack on a Revolutionary Guard parade on Saturday.
European Union foreign policy chief Federica Mogherini, speaking at the United Nations alongside Iranian Foreign Minister Mohammad Javad Zarif, said the countries were still working out the technical details. "And we expect to go on exporting", Hossein Kazempour Ardebili said after the meeting of the Joint Ministerial Monitoring Committee (JMMC) of members from the Organization of the Petroleum Exporting Countries (OPEC) non-cartel oil producers.
Ms Mogherini said the technical experts would discuss the details of the new payment mechanisms.
Prior to the USA sanctions threat, Seoul imported 180,000 barrels per day of Iran's crude oil, according to the report. "Perhaps on this path we will sustain certain pressures, but certainly the United States will not reach its objective".
Iran's oil minister has said the United States will not succeed in its plans to halt Iranian crude exports even as he acknowledged that South Korea has stopped buying oil from Tehran, Iranian media reported on Monday.
"The key is to keep all possibilities open so that we can signal to the Iranians that the door isn't closing", said a senior French diplomat.
The crux of the 2015 nuclear deal, negotiated over nearly two years by the administration of former US President Barack Obama, was that Iran would restrain its nuclear program in return for the relaxation of sanctions that had crippled its economy. Further restrictions, planned for early November, are set to hit Iran's oil and shipping sectors.
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