Oil jumps as market tightens, more gains seen

Saudi energy minister rips Trump tweet: 'I do not influence oil prices'

Iran will veto any decision against its interests: Zanganeh

When Trump in May announced plans to reimpose sanctions on Iran's oil exports, the market estimated a cut of about 300,000 to 700,000 barrels a day, according to Trafigura's Luckock.

"Today, the JMMC meeting is being held in Algeria, and I hope that the outcome of this meeting will not be affected by President Trump's threatening tweet", Zanganeh said on Sunday. Trump wrote on Twitter. For instance, USA commercial crude oil inventories are at their lowest level since early 2015 and the drilling activity has subdued recently. "We have been briefed on the prospect of 2019 inventory builds which result from significant supply growth from non-member counties", Falih said.

Brent has been trading just below $80 a barrel, backed by concerns of supply shortages from looming USA sanctions against Iran, which are set to take effect in November.

The OPEC cartel in December 2016 concluded an agreement with non-member states - including Russian Federation - to reduce output in order to arrest sliding prices. However, after months of cutting by more than their pact had called for, largely due to involuntary reductions from Venezuela and other producers, they agreed in June this year to boost output by returning to 100 per cent compliance.

But Falih - attending a meeting of oil producers in Algiers - left the way open to a future production hike, as supplies tighten due to the United States imposing sanctions on Iranian oil from November this year.

OPEC's reticence, combined with signs of accelerating supply losses from Iran, created a bullish mood the the annual gathering of the Asian oil industry, traders, refiners and bankers in Singapore on Monday.

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Iran told OPEC its production had been steady in August at 3.8 million barrels per day.

"If there is a fall not only from Iran, but anybody else, it is the responsibility of OPEC and non-OPEC to balance the market", Kazempour told reporters.

Falih said returning to 100 percent compliance was the main objective and should be achieved in the next two to three months.

While viewing high demand as healthy, the organisation noted that the trend was fuelled by developing countries undergoing major demographic and general economic expansion.

"There is no spare capacity". "The reason Saudi Arabia didn't increase more is because all of our customers are receiving all of the barrels they want".

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