Crude Oil Gaps Higher After OPEC Cools Off Production Hikes

Crude Oil Gaps Higher After OPEC Cools Off Production Hikes

Brent oil soared Monday close to $81, reaching the highest level since November 2014 after OPEC and other global producers snubbed pressure from US President Donald Trump to dampen prices.

With prices recently hovering around $80 a barrel for Brent crude, Trump has used Twitter and other means to lean on OPEC to increase oil supplies.

Now, however, Iran's OPEC governor, Hossein Kazempour Ardebili, said, "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".

"The sanctions and the trade wars imposed by some powers will have an impact on the global economy and therefore on the oil market", Novak said on Sunday in his opening notes at the 10th OPEC and non-OPEC Joint Ministerial Monitoring Committee (JMMC) in Algiers, the capital of Algeria, Xinhua reported.

Oil rallied after the Organization of Petroleum Exporting Countries and its partners stopped short of pledging immediate production increases even though looming US sanctions on Iran have started removing barrels from the market. As such, production problems in some countries have pushed the oil producer's alliance to cut output further than intended, helping to boost prices.

The market was "increasingly concerned about dwindling (U.S.) inventories", ANZ bank said on Monday.

This, Kazempour Ardebili emphasized, would make United States threats against Iran's oil exports - that he said stood at around 2.3 million barrels per day (m/bpd) - already impossible.

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These are the key findings of the just released World Oil Outlook 2040 report by Organization of Petroleum Exporting Countries (OPEC).

He added that while Sonatrach could boost oil production by 200,000 barrels per day, there is no need for an imminent increase in supplies. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication. This deal was upheld at Sunday's meeting.

The United States will target Iran's oil exports with sanctions from November 4, with Washington applying pressure on governments and companies around the world to fall into line and cut their purchases.

"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!" he tweeted on Thursday.

Despite the bullish sentiment, some traders said current prices already reflected the tighter market, and that more oil would be coming in 2019.

"We also contend that the risk of a destabilizing clash will only grow as Iran comes to feel the full effects of economic sanctions that are created to radically alter the behavior of the ruling regime, if not change it", Croft said. Gasoline prices in Japan are at their highest level in 3 years and 9 months.

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