Iran says its missing barrels can not be compensated

Iran says its missing barrels can not be compensated

"Saudi Arabia and Russian Federation ruled out any expeditious supply increases at the Algeria meeting while decidedly ignoring US President Trump's call to increase supplies and ease price pressures".

Brent crude hit its highest since November 2014 at $80.94 per barrel, up $2.14 or 2.7 per cent, before easing to $80.62 by 11:05am EDT (15:05 GMT). OPEC and non-OPEC, including Russian Federation, gathered in Algiers on Sunday for a meeting that ended with no recommendations for any additional supply boost to counter falling supply from Iran.

Iranian Oil Minister Bijan Zanganeh said on Sunday he hoped decisions taken by the OPEC and non-OPEC ministerial committee would not be affected by U.S. President Donald Trump's tweets on oil producers.

Non-member production overall is forecast to rise by 8.6 mbd to 66.1 mbd by 2023 on higher global demand, the report added, but a relative tapering off from 2020 will see cartel members' crude production shrug off a medium-term trend fall, OPEC predicted.

The growing need for OPEC and its partners to start raising production and export volumes amid faltering Venezuelan output and pending re-imposition of United States sanctions on Tehran emerged as one the key discussion topics in the preliminary sessions at the S&P Global Platts Asia Pacific Petroleum Conference in Singapore.

The delegates agreed to maintain the output share of Iran, an OPEC member.

At the meeting in Algeria next Sunday, the Saudis hope to achieve their goal of making the alliance, formed two years ago to end the devastating oil price decline, more durable before the next big meeting in December.

"By considering the current market conditions and the production levels of OPEC and non-OPEC producers, threats to cut off Iran's supplies from markets appears nothing but impractical", he told Iran's IRNA state news agency.




Members of the Organization of the Petroleum Exporting Countries met on Sunday in Algiers with non-members including Russian Federation.

Oil reached $80 a barrel this month, prompting Trump to demand again that OPEC bring down prices.

"The market does not have the supply response for a potential disappearance of 2 million barrels a day in the fourth quarter", Mercuria Energy Group Ltd.co-founder Daniel Jaeggi said in a speech at the S&P Global Platts Asia Pacific Petroleum Conference, knows as APPEC.

The tightening US market came ahead of sanctions that Washington plans to implement against Iran's petroleum exports from early November.

Notably, the bank increased its estimate of supply losses from Iran 1 million barrels per day (mb/d), up from 500,000 bpd previously.

"It's hard to believe that the Saudis won't answer the call at some point, especially if prices tick much higher", said John Kilduff, a partner at Again Capital in NY. Analysts say Trump wants to try to head off higher gasoline prices that could hurt Republican candidates in the November elections.

Oil has rallied since the lows of August as speculation swirls over whether OPEC and its allies will boost output as the sanctions on the Middle East nation's exports nears.

Related Articles

  • Klopp wowed by Sarri’s Chelsea start:

    Klopp wowed by Sarri’s Chelsea start: "biggest change I ever saw"

    That is a really good group, a really strong football team". "I am really happy to give him the opportunity, that's all". He is right only in that we work longer together. "That's it, nothing else".

    Beluga whale in Thames eating, swimming well

    The Whale and Dolphin Conservation Society said it was "obviously very lost and quite possibly in trouble". In 2006, a whale died after it swam up the river into central London despite efforts to rescue the animal.
    Trump says he expects second N.Korea summit ‘quite soon’

    Trump says he expects second N.Korea summit ‘quite soon’

    Rouhani, appearing on NBC on Monday, cited the threat of more US sanctions in stating, "There is no such program for a meeting". Moon's trip to NY is also aimed at explaining the outcome of his third bilateral summit with Kim to the world.
  • Bill Cosby wears prison uniform in mugshot as prison sentence begins

    Bill Cosby wears prison uniform in mugshot as prison sentence begins

    Pennsylvania corrections officials say Bill Cosby will serve his sentence at a new state prison in the Philadelphia suburbs. The decision to put the actor away came after dozens of women accused him of drugging and assaulting them.
    Trump's Supreme Court nominee Kavanaugh rejects 'false accusations'

    Trump's Supreme Court nominee Kavanaugh rejects 'false accusations'

    Delaying Kavanaugh's confirmation could allow time for doubts about him to take root or any fresh accusations to emerge. Some of Kavanaugh's classmates have said they remember him as a heavy drinker in high school and at college .
    Jimmy Garoppolo out for season with torn ACL

    Jimmy Garoppolo out for season with torn ACL

    The team had acquired him in a trade with the New England Patriots during the middle of last season for a second round pick. It's a devastating blow to the 49ers and their young quarterback, who entered the 2018 season with major expectations.
  • Kavanaugh Denies Fresh Harassment Allegations From College Classmate

    Kavanaugh Denies Fresh Harassment Allegations From College Classmate

    Ford at some point in her life was sexually assaulted, "but what I know is I've never sexually assaulted anyone ". He said he did not question that perhaps Ms.
    FIFA Awards: Messi Among 29 Percent Voters Who Opted For Modric

    FIFA Awards: Messi Among 29 Percent Voters Who Opted For Modric

    Earlier, he had won the UEFA's men's player of the year award for the 2017-18 season. "I'm very happy and very proud". Pele sent his good wishes, tweeting: "Congratulations to Luka and Marta on winning the #TheBest awards tonight".
    Is Brett Kavanaugh's Supreme Court Nomination Doomed?

    Is Brett Kavanaugh's Supreme Court Nomination Doomed?

    As revealed by both the Washington Post and the New York Times , Ford originally sent a letter to her Representative, Anna Eshoo. Dick Durbin, D-Ill., said of Christine Blasey Ford to ABC News Chief Anchor George Stephanopoulos on "This Week" Sunday.
  • Trump on Israeli-Palestinian conflict: 'I like two-state solution'

    Trump on Israeli-Palestinian conflict: 'I like two-state solution'

    Donald Trump has accused China of attempting to "interfere" in the USA midterm elections because they don't want him to win. Each imposed tariff increases on the other's goods Monday, and Beijing accused the Trump administration of bullying.
    Second woman accuses US Supreme Court nominee of sexual assault

    Second woman accuses US Supreme Court nominee of sexual assault

    Republicans have slammed the timing of the accusations as a political smear campaign aimed at derailing Kavanaugh's confirmation. The Epoch Times didn't independently verify Ramirez's account and is refraining from publishing the details of the accusation.
    Download Samsung Galaxy J4+ and J6+ Stock Wallpapers [Full HD Resolution]

    Download Samsung Galaxy J4+ and J6+ Stock Wallpapers [Full HD Resolution]

    SamsungIndia on Friday launched a " Galaxy Watch " with lifestyle functions like stress and sleep-monitoring capabilities. The network appears more and more rumors about the next Samsung's flagship smartphone will be released in three versions.