OPEC chief says Iran still 'very important' as US sanctions loom

OPEC chief says Iran still 'very important' as US sanctions loom

Bloomberg reported Tuesday, citing unnamed Saudi sources, the kingdom was now comfortable with prices above $80 per barrel, at least for the short-term.

It is also encouraging other oil producers such as Saudi Arabia, other OPEC members and Russian Federation, to pump more to meet any shortfall. The Joint Ministerial Monitoring Committee includes both OPEC and non-OPEC countries and oversees compliance with the production cuts agreed to in late 2016, meeting every three months.

Brent crude futures were up $1.01 a barrel, or 1.3%, to $79.06/Bbl, by 2:29 p.m. ET, after rising as high as $79.73/Bbl earlier in the session, Kallanish Energy reports.

The agency raised its demand growth outlook for next year by a modest 110,000 barrels per day (bpd) to 1.5 milllion bpd, but warned that considerable uncertainties cloud the forecast, with potential supply disruptions likely to cool demand if prices spike too high. Saudi Arabia's share of total OPEC net oil export revenues was almost 30% in 2017, and it has remained relatively consistent since at least 1996, ranging between 28% and 34%.

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The Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producers, including the world's biggest producer Russian Federation, are meeting on September 23 in Algiers, Algeria, to discuss how they can allocate supply increases within their quota framework to offset the loss of Iranian oil supply.

OPEC and non-OPEC producers Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices.

China, one of the world's largest oil consumers, on Tuesday added $60 billion of USA products to its import tariff list.

"Other oil producers can not replace Iran's oil", said Moayyed Hosseini Sadr, an adviser to Oil Minister Bijan Zanganeh.

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"Things are tightening up", said the Paris-based IEA.

"The brinkmanship between Beijing and Washington has the potential to severely impact the competitiveness of US crude oil and petroleum products in the Chinese market, and it will also deter Chinese investment in the USA energy sector", said Abhishek Kumar, senior energy analyst at Interfax Energy in London. The kingdom, according to people briefed by Saudi officials, would prefer to be cautious.

NSD Logo The Organization of the Petroleum Exporting Countries, OPEC today said, Iran remains a very important member of the oil cartel as Tehran braces for a new round of U.S. sanctions, partially targeting its crude exports.

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