Iran to continue exporting crude despite fresh United States sanctions

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

Iran will veto any decision against its interests: Zanganeh

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

Sunday's meeting appeared to leave unresolved a disagreement which flared up in June between Saudi Arabia and Iran over whether OPEC members are allowed to pump more oil to make up shortfalls elsewhere.

The U.S., which isn't an OPEC member and has in recent years seen a renewed boom in shale oil, will continue to grow as a crude producer, peaking in the late 2020s.

Trump has been calling publicly for OPEC to help lower prices by producing more.

It could prompt Washington to consider extraordinary measures, including the use of the Strategic Petroleum Reserve, to cool down fuel prices ahead of the US mid-term elections.

"Despite OPEC agreeing to increase production with Russian Federation in June, the market continues to tighten".

"They are doing little and late, to get prices higher", he said.

"I do not influence prices", Saudi Energy Minister Khalid al-Falih told reporters.

Brent crude rose more than 3% to more than $81 a barrel on Monday, its highest level since November 2014. That suggests OPEC's power to influence the market will be tempered by US production for about another decade.

This year the global economy has been expanding strongly, leading to growth in oil consumption and pushing up crude prices.

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

Trump has repeatedly called for a hike in production by countries other than Iran to reduce oil prices, which have partially recovered since the December 2016 agreement, to trade close to $80 per barrel this month.

Speaking to Bloomberg, Zanganeh warned that some oil producers are trying to create an alternative suppliers' forum that supports US policies hostile to the government in Tehran. "We in Saudi Arabia have not seen demand for any additional barrel that we did not produce".

Accompanied by seasonal strength in demand, especially in large emerging markets such as China, India and Brazil, they said it's left the global crude market as "tight as a drum" with price risks seemingly to the upside.

Such prices made oil companies like Exxon Mobil Corp. the world's most valuable firms and spurred investment in risky billion-dollar oil projects.

"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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