Saudi Says Door Open To Future Oil Output Hike

Oil Price Soars to Multi Year High- More to Come

The price of Brent oil climbed past $80 a barrel Monday, leaving the global crude benchmark on course to its highest close in nearly four years as OPEC and its allies keep their production in check.

The United States will apply sanctions to halt oil exports from Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), starting on November 4.

A meeting of OPEC and non-OPEC oil ministers in Algiers over the weekend concluded with the 15-nation cartel and its allies refraining from an urgent boost in output, despite President Trump's demands that it work harder to bring down prices.

While the Saudi energy minister pointed out that the balance between oil supply and demand is satisfactory, and the general trend of stocks remains reassuring, he stressed that it is necessary to take proactive action, saying: "Collective action must be taken to ensure the oil market balance in 2019".

On Sunday, OPEC said the oil industry would need to invest $11 trillion over the next two decades to satisfy global crude demand.

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President Donald Trump's tweeting habits are lifting oil prices, and the US leader should stop posting on social media to alleviate the spike in prices, according to one Iranian official.

"We protect the countries of the Middle East", added Mr Trump.

In addition, we have to remember we're dealing with a massive decline in Venezuelan oil. "I am telling him (Trump), keep quiet, do not do any tweets, and then you will be better off in the prices". However, the consensus has now moved to as much as 1.5 million barrels daily as the USA is " incredibly serious" about its measures, he said.

Any extra production will need to come from major oil-producing nations like Russian Federation and Saudi Arabia.

Yet, the cartel and its allies gave mixed signals at a meeting in Algiers on Sunday, ultimately showing little sign they would heed USA demands to rapidly push down crude prices.

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Fund managers boosted their net position in Brent (+28 million barrels) and US gasoline (+4 million) but cut positions in USA heating oil (-4 million), European gasoil (-9 million) and WTI (-16 million barrels). The kingdom had "limited spare capacity" to compensate for the loss of Iranian supplies, he said.

Oil prices rose on Monday as US markets tightened just weeks ahead of Washington's plan to impose new sanctions against Iran.

Longer-term, oil demand is expected to increase by 14.5 million bpd to reach 111.7 million bpd by 2040, slightly higher than last year's forecast.

"OPEC is struggling to battle through a flawless storm of strong demand and bigger-than-expected supply losses", said Daniel Hynes and Soni Kumari, Commodity Strategists at ANZ Bank last week.

Agreed in June of this year, the Vienna deal saw major oil producers agree to boost crude oil output by one million barrels-per-day, as part of a compromise deal to ease oil prices and tackle supply issues caused by a fall in output from Iran and Venezuela.

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