Iran says its missing barrels can not be compensated

Trump tweet biggest insult to US allies in ME: Iran

OPEC and other producers allies tried in the Algerian capital to reassure the market that more oil is coming but stopped short of committing to the urgent supply boost that some people are looking for - notably USA president Donald Trump.

Oil benchmark Brent traded little changed on Wednesday after rising to its highest in almost four years in the previous session, while U.S. crude futures fell as United States' officials tried to assure that the market would be well-supplied before sanctions are re-imposed on producer Iran.

Saudi Arabia Energy Minister Khalid al-Falih told reporters that participating countries have provided over the last three months "a lot of supply to offset decreases" in Iran, Venezuela and Mexico.

Iran says no country can ever compensate for its missing oil supplies to markets in case the US materializes its threat to bring the Islamic Republic's oil exports to zero with a top official saying that US President Donald Trump would sooner or later have a change of heart over his campaign to the same effect. "We will remember. The OPEC monopoly must get prices down now!"

The price rise is notably caused by a recent drop in Iran's supply because of USA sanctions.

Zanganeh was referring to a tweet by Trump in which he linked USA support for Middle Eastern countries to oil prices on Thursday and again urged OPEC to lower prices. The meeting finished with a formal recommendation that prices would not be reduced.

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The JMMC directed the JTC to continue to monitor the oil market conditions and conformity levels in its efforts to achieve 100% conformity in 2018.

According to the report, global primary energy demand is estimated to increase to 365 million barrel of oil equivalent per day (mboe/d) in 2040 from 274 mboe/d in 2015, growing annually at 1.2 per cent in the period.

In a speech before the United Nations, Trump reiterated calls on the Organization of the Petroleum Exporting Countries to pump more oil and stop raising prices. This would inflame tensions in the region and increase geopolitical risks reflected in oil prices.

"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.

The so-called "OPEC+" group, which includes Russia, Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group was in no rush to do so.

Brent could rise to $100 for the first time since 2014 as the market braces for the loss of Iranian supplies due to USA sanctions, according to Mercuria Energy Group Ltd. and Trafigura Group. Bank of America Merrill Lynch joined JPMorgan Chase & Co.in anticipating higher prices down the line - the former expects crude to reach $95 a barrel in the first half of next year.

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