OPEC, Russia rebuff Trump's call for immediate boost to oil output

Oil price up as Trump calls OPEC to lower prices

A committee of participating states "expressed its satisfaction regarding the current oil market outlook with an overall healthy balance between supply and demand", a statement said, at the end of a meeting in Algiers.

OPEC and its allies are scheduled to meet on Sunday in Algeria to discuss how to allocate supply increases to offset a shortage of Iran supplies due to USA sanctions.

The price rally mainly stemmed from a decline in oil exports from Opec member Iran due to fresh USA sanctions.

OPEC and Russian Federation have capped production since January 2017 to bolster prices.

Sunday's meeting in Algiers brought together OPEC oil ministers and non-OPEC signatories to the 2016 agreement, as they seek to extend their cooperation.

Benchmark Brent oil reached $80 a barrel this month, prompting Mr Trump to repeat his demands for Organisation of Petroleum Exporting Countries (OPEC) to take action to lower prices.

He also took the opportunity to remind Middle East allies that they would "not be safe for very long" without USA protection. Trump tweeted on Thursday.

"We expect that those OPEC countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels", said Edward Bell, commodity analyst at Emirates NBD bank.

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Amid a tightening market, US commercial crude oil inventories C-STK-T-EIA are at their lowest level since early 2015.

Falih said Saudi Arabia had spare capacity to raise output but such a move was not required at the moment and might not be needed next year as, according to OPEC's projections, a stellar rise in non-OPEC production could exceed global demand growth.

"My information is that the markets are adequately supplied".

"It's premature to say what we're going to do in 2019", he added.

The OPEC oil cartel raised its global production forecast on Sunday based on higher-than-predicted United States output in a report outlining a long-term rise in net demand, particularly in developing countries.

Russian Energy Minister Alexander Novak said no immediate output increase was necessary, although he believed a trade war between China and the USA as well as Washington's sanctions on Iran were creating new challenges for oil markets.

In May the United States pulled out of a 2015 deal between world powers and Iran under which global sanctions were lifted in return for curbs on its nuclear programme.


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