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The lender's revised outlook for crude coincides with a similar move by the US Energy Information Administration, which also raised its price outlook on Tuesday.

Novak said global oil markets were "fragile" due to geopolitical risk and supply disruptions, but added his country could raise output if needed.

Despite the Trump administration's "maximum pressure" campaign targeting the Iranian economy, Iran's crude oil and oil product revenues jumped a surprising 60 percent from March 21 to July 23.

The American Petroleum Institute (API) on Tuesday reported a huge draw of 8.636 million barrels in the US crude oil inventories for the week ending September 7.

The Paris-essentially based fully mostly IEA maintained its forecast of sturdy enhance in global oil ask this twelve months of 1.four million barrels per day (bpd) and any other 1.5 million bpd in 2019, unchanged from its old projection.

On the supply front, non-OPEC supply is expected to grow 2.02 million barrels a day in 2018, down 64,000 barrels from the previous forecast, while 2019 supply is forecast to grow by 2.15 million barrels a day in 2019, an upward revision of 17,000 barrels a day. Each of those countries usually imports between 500 to 700,000 barrels of Iranian oil per month, a number which may be reduced even though they aren't expected to completely cut ties with Iran.

The November delivery of Brent crude opened at $79.44 per barrel at the start of Wednesday's trading on the futures market, a 0.44 per cent increase since the previous session's close.

The Economic Times (ET), an Indian daily said Iran now exports about 2 million barrels a day which is already 28% less than what they used to export in April.

South Korea has made a decision to comply with USA demands to cut oil imports from Iran to zero, becoming the first to do so out of the top three buyers.

Oil has risen above $80 a barrel to its highest level this year amid concerns about supplies from Iran and a fall in U.S. stockpiles. As Florence moves closer to the southeastern coast of the US, the storm appears likely to strengthen, forecasters said. "Things are tightening up".

Such concerns have prompted U.S. Energy Secretary Rick Perry to meet his Saudi and Russian counterparts in an effort to convince those two countries to keep oil output high in order to offset a reduction in future Iranian oil exports. The decline was prompted by concerns about demand that relate directly to the trade war between the United States and China.