>> Saudi Arabia plans to pump a record amount of oil in July, a whopping 11 million barrels per day. And the timing may not be a coincidences, because the news came from an industry source the same day that the Trump administration called on all countries to stop all oil imports from Iran, Saudi Arabia's arch nemesis starting in November.
Iran says it's a bluff, it's the third biggest producer in OPEC and claims it exports 2.5 million barrels a day, an amount Iranian officials reason would be impossible to cut off from importers in such a short amount of time. Regardless, Iran is already feeling the squeeze though. Iranian currency has crashed since Trump withdrew from the Iran nuclear agreement and vowed to reimpose sanctions.
And earlier this week, Iran was hit by protests over the state of its economy. But whether or not a other countries agree to stop Iranian oil imports isn't clear. China and the European Union for example might not budge for two reasons. One is that both state party to the nuclear deal in still up hold it.
And two, China and the EU are now involved in trade wars with the States. In Europe though, it might not matter. Earlier this month Reuters sources said refineries there were quietly winding down purchases of Iranian oil because it was just too risky regardless of the EU's official stance.