Saudi energy minister rips Trump tweet: 'I do not influence oil prices'

"South Korea was the first country to halt Iran's oil imports following the US sanction threats against the country", Kasra Nouri, the public relation manager of the ministry, was quoted as saying by SHANA news agency.

For all these urgent supply pressures, the world's largest oil producers adopted a sit-back-and-wait approach at their meeting in the Algerian capital on Sunday.

Futures in London rose as much as 2.7 per cent. OPEC and its partners gave a tepid response to President Donald Trump's demand that rapid action be taken to reduce prices, saying they would boost output only if customers want more cargoes.

Mr Trump called on the Organisation of the Petroleum Exporting Countries (OPEC) to lower prices.

Higher gasoline prices for USA consumers could create a political headache for Republican Trump before mid-term congressional elections in November.

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In a criminal complaint, Ames Police said the victim had suffered "several stab wounds to the upper torso, head and neck". Police found bloody clothes belonging to Richards, but DNA test results had not been returned yet, Huff said.

Iran's OPEC governor Hossein Kazempour Ardebili insisted on Sunday that Iranian production was steady at 3.8 million bpd but appeared to soften his stance on potential increases in OPEC output.

"The OPEC monopoly must get prices down now!"

Aviation companies share prices fell 4-6 percent and oil marketing companies dipped 1-2 percent as Brent crude futures, the global benchmark for oil prices, climbed above $80 a barrel mark. However, the consensus has now moved to as much as 1.5 million barrels daily as the "incredibly serious" about its measures, he said. That suggests OPEC's power to influence the market will be tempered by US production for about another decade.

"Our plan is to meet demand", said Saudi Energy Minister Khalid Al-Falih.

Opec and other producers had discussed raising output by 500,000 barrels a day, Reuters reported. "We in Saudi Arabia have not seen demand for any additional barrel that we did not produce".

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However, with the two national security advisors keeping in touch, New Delhi had argued that "talks on terror" were acceptable. When Sidhu met with Swaraj, he was allegedly reprimanded for "messing up" the matter, as per sources closed to the minister.

Major oil trading houses are predicting the return of $100 crude for the first time since 2014.

The U.S. decision to re-impose sanctions on Iran is already forcing refiners to look elsewhere for supplies of the heavy, sour crudes supplied by the Islamic Republic.

Sales of Iranian crude have fallen as buyers remain wary of penalties from sanctions due to take effect from November.

"It's going to be significantly less than it was, and probably lower than most people expected when the sanctions were announced - hence the higher prices", Luckock said at the APPEC event.

"Were they do so the oil market would be even more uncomfortably tight than we forecast for 2019 as spare capacity is eroded", Mr Bell added.

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