OPEC warns of threats to oil supply from Iran, other producers

Crude Oil Pump

Crude Oil Pump

Opec with a group of non-Opec producers that includes Russian Federation started withholding oil supplies in 2017 to end a global glut and prop up prices.

Brent crude futures dropped 44c, or 0.6%, to $77.61 a barrel by 4.24am GMT.

West Texas Intermediate futures for October delivery rose 40 cents to settle at $68.99 a barrel on the New York Mercantile Exchange.

In the previous session, Brent rose 1.3 percent on a media report that Saudi Arabia, the world's largest oil exporter, was comfortable with prices above $80, indicating the producer would not try to increase output to drive prices lower. Traders are looking for more clarity as the Organization of Petroleum Exporting Countries and its allies meet in Algiers later this week to discuss their output.

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U.S. crude inventories rose by 1.2 million barrels to 397.1 million in the week to Sept 14, according to data released on Tuesday by the American Petroleum Institute (API).

"Iran is a very important member of OPEC. and we have no choice but to continue working with all parties", Mohammad Barkindo said at the Gulf Intelligence Energy Forum in the emirate of Fujairah.

The head of OPEC said Tuesday that 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.

"But there's still a big question mark over China's United States crude purchases, which fell at one point to zero, there's a risk of Chinese tariffs on USA crude oil", Jakob said, which could weigh as U.S. output continues growing. According to reports, Iran's crude exports are already falling as the USA prepares to curb Tehran's ability to sell oil and participate in global financial markets.

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USA crude inventories rose by 1.2 million barrels to 397.1 million in the week to September 14, according to the American Petroleum Institute (API).

Bloomberg reported Tuesday, citing unnamed Saudi sources, the kingdom was now comfortable with prices above $80 per barrel, at least for the short-term. "I think that is going to remain the theme for the next six weeks until the next round of USA sanctions against Iran kick off".

On the other hand, Bloomberg claimed that sources with direct knowledge of the matter said that the White House could announce 10% tariffs on $200 billion worth of Chinese good as early as Monday to eliminate the upbeat mood surrounding crude oil prices.

U.S. crude futures CLc1 were up $1.08 at $70.93 a barrel by 11:15 a.m. [1515 GMT], after the U.S. Energy Information Administration said crude and gasoline stockpiles fell last week.

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