United States will fail to achieve zero oil exports target: Iran

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Brent rose above $80/Bbl Wednesday for the first time since May, spurred by expectations USA sanctions against Iran's oil exports, which will start in early November, will tighten global markets.

China will not buckle to U.S. demands in any trade negotiations, the major state-run China Daily newspaper said, while U.S. President Trump said on Twitter he felt no pressure to strike a deal with China.

Last week the U.S. administration had cleared its stance that Washington may consider waivers for Iranian oil buyers such as India but they must eventually halt crude imports from Tehran.

The Indian government, already facing a backlash over a falling rupee and record high fuel prices, does not want to halt the oil imports from Iran as the Islamic republic offers a discount on oil sales to India.

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"Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran's share", Hossein Kazempour Ardebili was quoted as saying by SHANA, the oil ministry's news agency.

Washington reimposed some of the financial sanctions from August 6, while those affecting Iran's petroleum sector will come into force from November 4.

"By comparison, Russian Federation and Saudi Arabia have maintained relatively steady crude oil production growth in recent years". However, the increase in production came from higher output in Iraq, Libya and Nigeria.

Two tankers carrying Iranian condensate, a type of ultra-light oil, have been floating off the United Arab Emirates for about a month as demand for the oil fell ahead of USA sanctions. On Wednesday, OPEC's analysis arm said demand for the cartel's own crude oil will be nearly 1 million bpd more than the level produced in August.

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Demand for oil grew more slowly in the second quarter but will continue to rise this year and in 2019, the group said.

Their actions are a direct result of attempts by the United States to cut Iran's access to the global market off, he said.

At the same time, the report noted that OPEC crude output rose to a nine-month high of 32.63 million b/d in August, helping to offset the declines observed in Venezuela and Iran.

Another factor that undercuts the argument of a tightening market is waning demand, and the IEA noted that the demand outlook for this year and next is less bullish, with demand growth unchanged at 1.4 million bpd and 1.5 million bpd, respectively.

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The monitoring committee set up by OPEC and non-OPEC producers is scheduled to meet in Algiers on September 23 to discuss a new production strategy.