Iran says oil to rise as Saudi, Russia do 'little and late'

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

"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.

On Sunday, ministers and officials from the Organization of the Petroleum Exporting Countries plus Russian Federation and other allies ruled out an immediate oil-output boost, in effect rebuffing U.S. President Donald Trump's calls for action.

Mr Trump called on the Organisation of the Petroleum Exporting Countries (OPEC) to lower prices. Bank of America Merrill Lynch joined JPMorgan Chase & Co.in anticipating higher prices down the line - the former expects crude to reach US$95 a barrel in the first half of next year.

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.

"By considering the current market conditions and the production levels of OPEC and non-OPEC producers, threats to cut off Iran's supplies from markets appears nothing but impractical", he told Iran's IRNA state news agency.

"The OPEC monopoly must get prices down now!"

"I do not influence prices", Saudi Energy Minister Khalid al-Falih told reporters in Algiers ahead of a meeting of OPEC and non-OPEC energy ministers. "The reason Saudi Arabia didn't increase more is because all of our customers are receiving all of the barrels they want".

Indian Oil Corporation declined 1 percent, Bharat Petroleum Corporation 1.6 percent and Hindustan Petroleum Corporation fell 2 percent in an intraday trade.

Crude oil price curves are now in backwardation, with front-month contracts more expensive that later-dated futures. While the group didn't take action on Sunday, it seems set on making sure the market doesn't get too carried away, said Mark Quartermain, Royal Dutch Shell Plc's vice president for global crude oil trading and supply.

"All this will potentially reflect on oil prices".

"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.

"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.

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