Iran asks OPEC to 'refrain' from unilateral production hikes

Iran today asked fellow OPEC members to "refrain from any unilateral measures" to increase oil production beyond the 1 million additional barrels of crude a day it already agreed to, a warning to Saudi Arabia after President Donald Trump said the kingdom would increase production.

The Iranian warning, in a letter to the United Arab Emirates' energy minister, comes as Tehran faces a US push to get its allies to stop buying its oil as part of Trump's decision to pull America from the nuclear deal with world powers.

Meanwhile, Iran's first vice president said the country's private sector will be able to buy and export crude oil under a new plan to combat US sanctions.

Iranian Oil Minister Bijan Zanganeh wrote to Emirati Energy Minister Suhail Mohamed al-Mazrouei, who now is serving as OPEC's president. The letter, published by the Iranian Oil Ministry's SHANA news agency, did not directly name Saudi Arabia, Iran's Mideast rival, but the ultraconservative kingdom was clearly its target.

"OPEC decisions by no means warrant any action by some of its member countries in pursuit of the call for production increase by US, politically motivated against Iran," Zanganeh wrote.

"As we are all in agreement to depoliticize our efforts in the OPEC, we should not let others take politicised measures targeting OPEC's unity and independence."