OPEC Sees Competition With U.S. Shale Oil Subsiding After 2023

"In my view, President Trump's statement is the biggest insult to the governments and nations of the United States" allies in the region.

Iran, OPEC's third-largest producer, has accused Trump of orchestrating the oil price rally by imposing sanctions on Tehran and accused its regional arch-rival Saudi Arabia of bowing to United States pressure.

Benchmark Brent oil reached $80 a barrel this month, prompting Mr Trump to repeat his demands for Organisation of Petroleum Exporting Countries (OPEC) to take action to lower prices.

The US President is ramping up the pressure on OPEC to keep oil prices low.

The price rises have stemmed mainly from a decline in oil exports from OPEC member Iran due to sanctions introduced by Mr Trump.

Zanganeh criticized any decision by the committee to allow a rise in output by producers.

Ahead of Sunday's meeting, Saudi Energy Minister Khalid al Falih maintained, while speaking to reporters, that the "markets are adequately supplied", insisting that OPEC does not control oil prices.

Also Sunday, OPEC released its World Oil Outlook 2040 report. "We have been briefed on the prospect of 2019 inventory builds which result from significant supply growth from non-member counties", Falih said.

Iran is expected to lose some 1.4 million barrels-per-day of supply as U.S. sanctions go into force November 5, while Venezuela and Libya also present supply risks, pushing up cost, according to market analytics firm S&P Global.

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The OPEC cartel in December 2016 concluded an agreement with non-member states - including Russian Federation - to reduce output in order to arrest sliding prices. Output fell below those targets this year, and in June the same countries agreed to boost the oil supply.

The price rise is notably caused by a recent drop in Iran's supply because of USA sanctions.

OPEC put Iran's current production at 3.58 million bpd, down some 300,000 bpd from the start of the year, according to OPEC's secondary sources such as researchers and ship-trackers.

"They are sacrificing OPEC, they are destroying OPEC and slowly, without directly saying so, they want to gather some names together to create a forum to replace OPEC and manage the market", Zanganeh told Platts.

Iran's OPEC representative Hossein Kazempour Ardebili on Sunday said his country was continuing to meet its OPEC quota share.

Although he refrained from specifying how that could be done, Saudi Arabia is the only oil producer with significant spare capacity.

"OPEC is one of the third world's biggest accomplishments in my view, not just in terms of oil producers, but it's an organization that can be effective in the world's economy and it's a good, strong foundation", he underlined.

The OPEC/non-OPEC monitoring committee next meets on November 11 in Abu Dhabi, followed by a full OPEC gathering at its Vienna headquarters on December 6-7.

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