Oil gains 1 percent on signs OPEC not prepared to boost output

Iran OPEC chief: 'Saudi and Russia are taking oil market hostage'

Bloomberg's report explained that Iranian oil exports reached less than 2 million barrels per day in August, which could push prices to more than $ 80 per barrel.

Refiners in India, Iran's second largest crude buyer will cut their monthly crude loadings from Iran for September and October by almost half from earlier this year.

American oil sanctions on Iran will resume in November and already, U.S. allies in Asia are busy reducing their purchase of crude from Tehran.

Iran's oil exports have been falling in recent months as more buyers, including its second-largest buyer India, cut imports ahead of US sanctions that take effect in November.

US President Donald Trump has called for the Organization of the Petroleum Exporting Countries members, primarily US ally Saudi Arabia, to raise their production, and warned importers to stop buying oil from Iran or face American sanctions.

The change in Saudi Arabia's view on prices coincides with some intense oil diplomacy.

Brent crude futures had dropped 22 cents, or 0.28%, to US$78.81 (RM326) per barrel by 0042 GMT, chipping away at Tuesday's 1.26% gain.

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The order came after the consumer disputes forum in Amritsar took note of the complaint filed by these three city lawyers. The flight landed safely largely because of the skill and presence of mind of the pilots and the air traffic controller.

Reuters reported on September 5 that Saudi Arabia wants oil to stay between $70 and $80 a barrel to keep a balance between maximizing revenue and keeping a lid on prices until US congressional elections.

Reuters previously reported that Saudi Arabia wants oil to stay between $70 and $80 a barrel for now, as the world's biggest crude exporter strikes a balance between maximizing revenue and keeping a lid on prices until USA congressional elections.

Supporting crude futures were potential supply cuts from US sanctions on Iran. Washington is pushing allies to cut imports of Iranian oil to zero and will impose a new round of sanctions on Iranian oil sales in November.

The Saudi crude oil inventories have been dropping for three years, and have declined by 11.4 percent since May 2017, according to JODI data, as carried by Platts.

Russian Energy Minister Alexander Novak said an oil price between $70 and $80 was temporary and sanctions-driven, adding the long-term price would stand around $50 a barrel.

The potential for a full-blown trade war between the US and China could also undercut demand by reducing economic growth globally.

The tariffs are likely to limit economic activity in both China and the United States and that should lower oil demand growth as less fuel is consumed to move goods for trade.

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