OPEC talks over a production freeze broke down over the weekend, when it became clear that Iran wouldn't join in with cuts itself. Instead Tehran is determined to ramp up oil production until output reaches pre-sanctions levels.
The US said it would impose "unprecedented financial pressure on Iran." The refusal to grant EU businesses an exemption for Iran sanctions pushes Europe and the US further down a collision course over ties to Tehran.
Tehran has vowed to "defeat" attempts to curb its oil revenues by allowing private companies to export it. Iran also reminded Saudi Arabia that it was bound to an OPEC agreement to only boost exports collectively.
Kuwait is to increase its output as part of a broader agreement by OPEC countries and Russia to boost oil production. The move comes amid international price sensitivity, especially ahead of US elections.
The EU has been leading the efforts to salvage the nuclear deal with Iran following the US withdrawal from the international agreement. But the threat of imminent US sanctions is already having an impact on Iranians.
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