Bijan Zanganeh said in an interview on state television that the Organization of the Petroleum Exporting Countries lacked the capacity to produce more oil to make up for the drop in Iranian sales.
Front-month Brent crude futures have jumped by almost $14 per barrel (20 percent) since the middle of August, including an increase of nearly $6 (7 percent) since the JMMC meeting, to their highest in almost four years. At the end of the week, WTI and Brent settled at 73.25 and 82.72 US dollars, respectively. "Not good. We want them to stop raising prices, we want them to start lowering prices".
"The general impression out there now seems to be that there is either an outright inability or at least a certain unwillingness on the part of key OPEC/OPEC-plus members to compensate for the expected continuation of declining Iranian export flows", said consultancy JBC Energy.
The Nigerian government has pegged crude oil price at $51 per barrel in the 2018 budget with a daily production of 2.3 million per barrel per day. India's oil import bill, though, rose 25 per cent in FY18 to $88 billion from $70 billion in FY17 due to higher crude prices. U.S Energy Secretary Rick Perry has ruled out using US strategic crude reserves to lower oil prices. "This may not be the case this time". In September, it hit a record 11.1 million bpd, according to data from the Energy Information Administration (EIA).
"The camp of believers that $100 oil could be reached continues to expand, with spare capacity concerns continuing to grow", said Brian Kessens, managing director at investment services firm Tortoise.
Oil prices rose more than 1 percent on Friday, with Brent climbing to a four-year high, as USA sanctions on Tehran squeezed Iranian crude exports, tightening supply even as other key exporters increased production.
"And since 2005 the middle ground between these two seems to be the $80-$100-a-barrel range where it is neither of the two". Calculating whether the 100 million barrel per day world market is likely in the months ahead to have a surplus or deficit of supply, or be balanced, where supply equals demand, is never simple. "It also eases some of the trade concerns that had persisted in the market". Output from Venezuela also marked a marginal decrease.
There is no respite for the consumers as oil prices are predicted to rise further even as fuel cost increased further in Indian cities.
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Brent crude in London rose as much as 0.6 percent, after ending the previous quarter 4.1 percent higher.
The pipeline bottlenecks are causing big price differential between Midland and WTI.
Anas Alhajji, an energy economist based in Dallas, Texas, told Xinhua that "the oil industry will always find a way to solve its problems". Meanwhile, the number of working oil rigs in the U.S. dropped for a second week, signalling that American output may also be slowing.
Rapidan expects US crude supply alone to grow faster than total global consumption.
Moreover, U.S. Dollar Index went above 95 level after maintaining in the lower levels for a couple of weeks.
On Friday, WTI and Brent prices settled 1.48 percent and 1.45 percent higher, respectively. The contract climbed $1.13, or 1.6%, on Friday.
He underlined that China, Japan and European countries will be the main losers of US' political tensions in the market, as these countries are the major oil importers. The higher differentials give more arbitrage opportunities for traders to pursue.
In the oil market, balance is a hard game. The oil demand growth in China has been the main driver for the increasing world oil demand.
On the supply side, Iran is the big unknown.