OPEC raises forecast based on U.S. oil production

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

However, S&P Global Platts Analytics expects 1.4 million b/d of Iranian oil supplies to leave the market by November, when the U.S. sanctions go into force, while Mercuria's Jaeggi said he expects a loss of around 2 million b/d of Iranian crude in the worldwide market.

But speaking to NBC News on Monday, Iranian President Hassan Rouhani said the U.S. didn't have the capability to bring the Islamic Republic's oil exports down to zero.

OPEC said in a statement that it was satisfied with "the current oil market outlook", citing what it said was "an overall healthy balance between supply and demand".

Indeed, Khalid al Falih, energy minister for Saudi Arabia, stated, "I think member countries over the last three months since June have responded in a very good way and have opened the taps and provided a lot of supply to offset decreases in Iran, decreases in Venezuela, decreases in Mexico, and markets are quite balanced today".

But the third largest OPEC producer, Iran, has said Trump is to blame for the oil price rise through his sanctions on the country, and Iran has accused Saudi-Arabia of deferring to USA pressure.

The U.S. bank said "the Iran factor may dominate the market near-term and cause a (crude price) spike", although it added that emerging market "demand concerns could reappear thereafter".

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Opec and other producers had discussed raising output by 500,000 barrels a day, Reuters reported.

It aims to ensure the achievement of the objectives of the Declaration of Algiers on reducing oil outputs by 1.8 million barrels a day to adjust production in the range of 32.5 to 33 million barrels per day to boost plunging prices.

Oil prices could rise towards $100 per barrel towards the end of the year or by early 2019 as sanctions against Iran bite, commodity merchants Trafigura and Mercuria said on Monday at the Asia Pacific Petroleum Conference (APPEC) in Singapore. 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. It is noted that OPEC, with its 15 member states, and a group of Russian-led oil producers have reduced their production voluntarily since 2017 to boost oil prices. She says the question of how much Trump's administration can control the Iranian oil market is only one part of the equation. "In my view, that makes it conceivable to see a price spike north of US$100 a barrel".

4 will target Iran's oil exports with sanctions, and Washington is putting pressure on governments and companies around the world to fall in line and cut purchases from Tehran.

"If an increase in production is proposed there will be plenty of market counter-argument that it reduces even further the available spare capacity", Olivier Jakob from consultancy Petromatrix said.

Higher gasoline prices for USA consumers could create a political headache for Trump before November mid-term congressional elections.

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