Crude prices are spiking

But a meeting of OPEC and non-OPEC energy ministers in Algiers ended without any formal recommendation for a supply boost.

Those fears have sent crude oil prices higher, with commodity traders Trafigura and Mercuria predicting prices could rise to more than $100 a barrel by early next year.

Saudi Arabia leads the Opec oil cartel, while Russian Federation is the biggest oil producer outside the group.

At 0840 GMT, Brent North Sea crude for delivery in November soared to a peak of $80.94 per barrel.

Prices picked up a bid after OPEC snubbed the US President Trump's demand for lower oil prices. "We will remember. The OPEC monopoly must get prices down now!" he tweeted.

"The market does not have the supply response for a potential disappearance of 2 million barrels a day in the fourth quarter", Jaeggi said in a speech at the S&P Global Platts Asia Pacific Petroleum Conference (APPEC) in Singapore.

One problem is the uncertainty over how much oil will be lost when the US -led sanctions against Iran begin in November. WTI crude, the benchmark North American contract, was up 1.7 per cent at $72 USA a barrel.

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"The biggest issue is not with the producing countries, it's with the refiners, it's with the demand". "The reason Saudi Arabia didn't increase more is because all of our customers are receiving all of the barrels they want".

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. -China trade war and supply, especially from the US, was seen sufficient in the next 12 months, said Janet Kong, BP Plc's head of trading in Asia.

"It's going to be significantly less than it was, and probably lower than most people expected when the sanctions were announced - hence the higher prices", Luckock said at the APPEC event.

Looking ahead, crude oil prices await the release of US Energy Information Administration and Department of Energy inventory figures later this week.

But once the US sanctions on Iran take full effect, it will become clearer whether the Saudis are correct that the market is well-supplied, or whether the traders have picked a victor in tipping higher prices.

"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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