US sanctions on Iran's energy industry, which come into force in November, have already cut supply back to two-year lows, while falling Venezuelan output and unplanned outages elsewhere will also keep the balance between supply and demand tight, the IEA said.
"We think oil market fundamentals are increasingly supportive of crude prices, at least at current levels", said Gordon Gray, HSBC's global head of oil and gas equity research.
"Oil cut earlier losses and rose towards its highest level this year on Wednesday, after a drop in US crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production".
Oil traders were also watching the progress of category 4 Hurricane Florence, which is expected to make landfall in the USA by Friday.
US crude futures rose 61 cents to $69.86 a barrel.
"The situation in Venezuela could deteriorate even faster, strife could return to Libya and the 53 days to November 4 will reveal more decisions taken by countries and companies with respect to Iranian oil purchases", the IEA said, referring to the day USA sanctions on Iran take effect.
South Korea has made a decision to comply with US demands to cut oil imports from Iran to zero, becoming the first to do so out of the top three buyers.
"According to Bloomberg, in case the Iran sanctions come into place, oil price could go up to $150 a barrel", reported ET.
In its monthly report, OPEC said world oil demand next year would rise by 1.41 million barrels per day (bpd), 20,000 bpd less than last month and the second consecutive reduction in the forecast.
Brent rose above $80 per barrel on Wednesday for the first time since May, spurred by expectations that U.S. sanctions against Iran's oil exports, which will start in November, will tighten global markets. "Russia has the potential to raise production by 300,000 barrels (per day) mid-term, in addition to the level of October 2016", he said.
S&P global Platts said OPEC, in a report, indicated demand for the organization's own crude oil in September will be nearly 1 million bpd more than the level produced in August.
Demand for crude from the Organization of the Petroleum Exporting Countries will moderate in 2019 to 31.9 million bpd, from an estimated 32.3 million bpd this year, the IEA said.
Combined output by these three producers has risen by 3.8 million bpd since September 2014, more than the peak 3 million bpd Iran has managed during the last three years.
Innes said the slight dips on Thursday came as rising refined product inventories, which the EIA also reported, "slightly dampened market overexuberance" as it indicated that U.S. fuel demand may be weakening.
Although the EIA does not publish crude production forecasts for Russia and Saudi Arabia in its short term outlook, it expects that USA output will continue to exceed Russian and Saudi production for the remaining months of 2018 and through 2019.
Apart from snailfish, they also found various freakish creatures in the environment such as long-legged isopods or Munnopsids . The scientists believe the fish they saw are a new species of snailfish ( Liparidae ), with three color variations.
Assad's forces began amassing in the areas of Idlib already under its control and on its southern and eastern flanks. Russia, Turkey and Iran have been working together as "guarantors" for a series of talks around ending Syria's war.
Governors of those states have already declared states of emergency , as have the governors of Virginia and Maryland. In addition to the heavy rain potential, gusty winds will also be a good bet. "It's too early to tell", he added.
Moreover, the Applicants asserted that this is now the "engineering model on which they rely in support of this transaction". Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move.
The wounded were cared for in the corridors, the more seriously ill were transported to the central hospital in Jalalabad . In addition to the strikes against the protesters, three schools in the area were also hit.
The governor wants to avoid a repeat of Hurricane Matthew two years ago, which killed 26 North Carolinians. But in Maryland, possible impacts were diminishing as the storm's track shifted to the south and west.
What was the standout moment for you? Some existing titles such as Splatoon 2 have received significant updates , too. I'm not actually excited for Switch Online at all so far, but I also don't play any video games online.
He said all the calls for reservations were coming from either SC and North Carolina where the damage is supposed to be the worst. Benson has lived in North Carolina for more than a decade and now is headed away from the hurricane's destructive path.
Robot and it appears he's found a way to do it with even more intensity in Homecoming , which stars Julia Roberts . See if you can make out any version of the story in the head trip trailer, because I can't.
Amazon's anthology series The Romanoffs is like Kanye West's " All of the Lights :" everybody's on the guest list. The show revolves around people who believe they are descendants of the titular Russian royal family.
Final Fantasy 7 and More Coming to Nintendo Switch
And so is World of Final Fantasy , as a new version called World of Final Fantasy Maxima (also coming to PC, PS4 and Xbox One). Final Fantasy 15: Pocket Edition is kicking off this string of Final Fantasy releases for the Switch, and it is available now.
Unai Emery insists Mesut Ozil relationship remains strong
Arsenal star playmaker Mesut Ozil has been linked with a move away from the north London based club following a turbulent summer. And he made it clear he wants to see more from Ozil going forward. "He is working for the team to help us with his quality.
Much less on the line this time for Bengals, Ravens
In what started as an ugly, mistake-filled affair, the Bengals got great field position after Joe Flacco's poor interception. The Bengals also got off to a winning start on Sunday, and in doing so have released their new secret weapon in Joe Mixon .
Hurricane Florence: Four reasons to fear this storm
Cooper said 108 shelters are open across the state, with more than 7,000 people already staying at them, as of Thursday afternoon. The Charleston area will see winds near tropical storm strength of 40 miles per hour and somewhere between 3 to 6 inches of rain.
IPhone XS, XS Max: First Impression
The last time it discontinued an iPhone model a year after announcing it was the iPhone 5, released in 2012 and canned in 2013. Perhaps the most shocking news to come out of the iPhone event was that Apple has chose to kill off the iPhone X .