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The European Union had earlier vowed resist US sanctions on Tehran.

Iran’s non-oil trade with other countries registered a $271 million positive balance and non-oil exports also increased 14.69 percent.

Venezuela. like most oil producing countries. has for decades subsidized fuel as a benefit to consumers.

The JMMC is chaired by Saudi Arabia and is due to meet next on Sept. 23 in Algeria.

The OPEC remains positive on the overall oil demand.

Much will depend on the European Union. which has vowed to resist US sanctions on Iran.

In June. Royal Dutch Shell exited the Majnoon oilfield in southern Iraq and handed over its operations to the state-run Basra Oil Co.

The renewed US sanctions were among those lifted under a 2015 deal between world powers and Tehran on curbing Iran’s nuclear program.

US President Donald Trump has mounted pressure on Iran.

Iran. Azerbaijan and Turkmenistan have for more than two decades contested the ownership of several oil and gas fields in the Caspian Sea.