IEA warns of higher oil prices as Iran, Venezuela losses deepen

Crude Oil

The global benchmark earlier reached $80.13 a barrel, its highest since May 22.

"Things are tightening up", the agency said in its monthly report, but added: "As we move into 2019, a possible risk to our forecast lies in some key emerging economies, partly due to currency depreciations versus the USA dollar raising the cost of imported energy".

Worldwide oil benchmark, Brent crude, extended its gains on Wednesday, trading near a two-month high as shrinking oil inventories pointed to an increasingly tight global market.

Since spring, when the Trump Administration said it would impose sanctions on Iran, traders have been focusing on the impact they could have on global supply.

"Market participants are now evaluating this development in conjunction with potential for further declines in oil output from Iran and Venezuela, which portrays a significantly bullish picture on prices", said Abhishek Kumar, senior energy analyst at Interfax Energy in London.

Washington has told its allies to reduce imports of Iranian oil and several Asian buyers, including South Korea, Japan and India appear to be falling in line. At the moment, the barrel of WTI is trading at $69.30, adding 2.65% on the day.

"According to Bloomberg, in case the Iran sanctions come into place, oil price could go up to $150 a barrel", reported ET.

Gordon Gray, of HSBC, warned the market not to rule out a return to $100 a barrel, saying the multi-year price spike is "not out of the question".

More news: European Union votes for disciplinary action against Hungary

The Organization of the Petroleum Exporting Countries cut its forecast for oil demand growth in 2019 in its monthly report and said rising challenges in some emerging and developing countries could negatively impact global economic growth.

Brent crude futures climbed 11 cents to $77.48 a barrel.

Total OPEC crude oil production averaged 32.56 million bpd in August, an increase of 278,000 bpd over the previous month, according to secondary sources.

Novak said global oil markets were "fragile" due to geopolitical risks and supply disruptions.

Their combined output has risen by 3.8 million bpd since September 2014, more than the peak output Iran has managed over the last three years.

"Second-largest producer Iraq boosted its output 90,000 bpd to 4.65 million bpd".

U.S. crude stocks fell by 8.6 million barrels in the week to September 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday, while the U.S. Energy Information Administration (EIA) cut its forecast for U.S. crude output growth in 2019.

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