Oil price jumps as Opec keeps output steady

OPEC raises forecast based on US oil production

The amount of oil being supplied to the global market is "satisfactory", Saudi Arabia's energy minister said Sunday, after US President Donald Trump called for an immediate output hike to push down prices, agencies reported.

Brent futures were trading at $80.48 a barrel at noon Monday, up $2.24.

"If they kept quiet, the prices would be cheaper, I am confident about that", he added. Bank of America Merrill Lynch joined JPMorgan Chase & Co.in anticipating higher prices down the line - the former expects crude to reach US$95 a barrel in the first half of next year.

Zanganeh was referring to a tweet message by Trump on Thursday in which he had threatened that his administration would respond to the failure by regional countries inside the Organization of the Petroleum Exporting Countries (OPEC) to do enough to help lower oil prices. Few details about how much output could be increased or when were released.

Oil prices have jumped to the highest level for almost four years after Saudi Arabia and Russian Federation ruled out any immediate increase in production.

OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on September 23 effectively rebuffed a demand from Trump for moves to cool the market. "The market is reasonably steady, and we should just be dynamic and responsive and responsible".

Another round of sanctions, to be reinstalled on November 5, will be on Iran's port, energy, shipping and shipbuilding sectors, petroleum-related transactions, and business deals by foreign financial institutions with the Central Bank of Iran.

Venezuela could be the next country to see increased sanctions.

The price rise is notably caused by a recent drop in Iran's supply because of USA sanctions. The victims included military personnel and civilians.

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It said: "We also contend that the risk of such a destabilising clash will only grow as Iran comes to feel the full effects of economic sanctions that are created to radically alter the behaviour of the ruling regime, if not change it".

USA officials have said they do not intend to change the Iranian regime.

ALGIERS-U.S. shale oil production will peak by the late 2020s, triggering renewed demand for OPEC crude after an expected decline and stagnation, the oil cartel said Sunday.

While Iran is unlikely to see a drop to zero exports, initial assessments by several analysts that about 500,000 barrels per day (bpd) of Iranian oil would be lost appear way too optimistic now.

"We're on the verge of some significant volatility in Q4 2018 because depending on the severity and duration of the Iranian sanctions, the market simply does not have an adequade supply response for a 2 million barrel a day disappearance of oil from the markets", Jaeggi said.

APR Energy Chair John Campion discusses the strength of the USA energy sector.

"Placing constraints on exports of American-made energy works against America's energy future", said API Chief Economist Dean Foreman.

Renewable energy production will rise rapidly but even by 2040 will meet only around 20 per cent of global energy demand by 2040, according to projections in the report.

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