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Brent for November settlement rose as much as $1.63 to $80.43 a barrel on the ICE Futures Europe exchange and traded at $80.32 at 3:21 p.m.in Tokyo.

"Saudi Arabia and Russian Federation confirmed that they not raising output - and this is bad news for President Trump as he wants a lower oil price that is good for business", said CMC Markets David Madden.

Benchmark Brent oil reached $80 a barrel this month, prompting Trump to reiterate on Thursday his demand that the Organisation of the Petroleum Exporting Countries (OPEC) lower prices. "We will remember. The OPEC monopoly must get prices down now!"

As such, production problems in some countries have pushed the oil producer's alliance to cut output further than intended, helping to boost prices. Concern is rising that Iranian output may drop further, causing supply shortages.

Major oil trading houses are predicting the return of $100 crude for the first time since 2014 as the market braces for the loss of Iranian supplies because of USA sanctions. The meeting finished with a formal recommendation that prices would not be reduced.

The report says that oil is set to retain the highest share in the global energy mix through to 2040.

Oil prices have been rising since early 2017, when the Organization of the Petroleum Exporting Countries (OPEC) together with other suppliers including Russian Federation started withholding output to lift crude values.

While U.S. oil production is near a record high of 11 million barrels per day, subdued U.S. drilling activity points towards a slowdown in output.

The JMMC directed the JTC to continue to monitor the oil market conditions and conformity levels in its efforts to achieve 100% conformity in 2018.

Oman's oil minister Mohammed bin Hamad Al-Rumhy told reporters on Saturday that OPEC and non-OPEC producers overachieved on pledged output cuts by 600,000 bpd in August, putting the reduction at around 2.4 million bpd.

The United States will target Iran's oil exports with sanctions from November 4, with Washington applying pressure on governments and companies around the world to fall into line and cut their purchases.

"Balances are precarious and the lack of spare capacity could see crude pricing well above US$90 or even US$100, should all of the potential risk in the market materialize", analysts including Ed Morse said in the note. BofAML has a price target for Brent at $95 per barrel by the end of the second quarter 2019.

The physical Dubai crude market structure also strengthened to a multi-year high recently, with the spread between front-month cash Dubai and same-month Dubai swap at $1.44/b on Friday in Singapore, the highest since May 21, 2014 when it stood at $1.53/b.

JPMorgan said USA sanctions on Iran could lead to a loss of 1.5 million barrels per day, while Mercuria warned that as much as 2 million bpd could be knocked out of the market.