Kazempour Ardebili said Saudi Arabia had previously announced that it would make up for the missing Iranian oil barrels, stressing that the kingdom had not yet increased its output nor tapped into its strategic reserves to show that it could actually do what it had promised to do. The estimates from this year's report are a slight increase from those of the previous year. However, OPEC forecasts that its share of the global crude supply mix will rise just 2 percentage points, to 36%, by 2040.
OPEC isn't just grappling with USA sanctions cutting Iranian supply. "The long-term focus for additional liquids remains on OPEC".
New inventory data from the US Energy Information Administration and Department, which will be released later this week, will be crucial in deciding the price curve. West Texas Intermediate (WTI) crude futures rose to 71.52 dollars a barrel.
Iran's Supreme Leader Ayatollah Ali Khamenei blames USA allies in the region and promised "deadly and unforgettable revenge".
"Depending on the severity and the duration of the Iranian sanctions, the market simply does not have an adequate supply response for 2 million b/d of oil disappearing from the market".
Oil falters as Trump ups pressure while Goldman dissuades bulls
Expectation of a tightening supply in the global oil market in the coming months has pushed crude oil prices higher, say analysts. It is Trump and not OPEC that is to blame for the rise in oil prices, according to Iran .
OPEC said that global oil demand is set to increase by 14.5 MMbpd by 2040, to 111.7 MMbpd. However, the pace of growth will slow over time. "The biggest issue is not with the producing countries, it's with the refiners, it's with the demand".
The JMMC also reviewed the monthly report prepared by its Joint Technical Committee (JTC) and the short-term developments in the global oil market, including prospects for 2019. Still, a trade standoff between the USA and China could put global economic growth and energy demand at risk in the longer term, with BP Plc warning that the risk hasn't been priced into crude yet. Higher gasoline prices for USA consumers could create a political headache for Republican Trump before mid-term congressional elections in November.
Iran's OPEC Representative Hossein Kazempour told CNBC in Algiers on Sunday that the oil prices would be cheaper if Trump would stop tweeting and drawing attention to them.
NEW YORK, Sept 25 (Reuters) - Crude oil prices shot to a four-year high on Tuesday, catapulted by imminent USA sanctions on Iranian crude exports and the apparent reluctance of OPEC and Russian Federation to raise output to offset the potential hit to global supply.
Novak also said that when the production cut-off agreement reached in Algiers in 2016 expires at the end of 2018, "it will be necessary to think carefully to expand our cooperation to meet the rising challenges we face today and in the future".