Oil prices fall after USA crude inventories boosted by six million barrels

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He said the developments show that the United States "will definitely not be able to cut Iran's oil exports to zero" - the goal set by US officials - when sanctions targeting the oil sector go into effect on November 5.

"I had the privilege of meeting Prime Minister Narendra Modi and Oil Minister Dharmendra Pradhan today".

While Trump has repeatedly demanded that OPEC takes action to lower oil prices, he referred to Saudi Arabia as its ally and reiterated to reporters on Wednesday that Crown Prince Mohammed bin Salman's government agreed to buy $110 billion in USA weaponry a year ago.

As dramatic as Gordon's proclamation seemed, it was no match for those foreseeing crude in the triple digits such as Patrick Spencer, vice chairman of equities at Baird, who told Bloomberg television that, "we still think we can see oil at $100 before the year is out" due to oil stocks being "under owned, under-believed". "Issue is sentiment", he said.

In the first two weeks of October, Iran exported close to 1.5 million bpd of crude to countries including India, China and Turkey, some industry sources suggest.

"Our view is that the market is now adequately supplied and well balanced".

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Oil prices hit a four-year high of Dollars 86.74 a barrel earlier this month as the market grapples with the expected loss of Iranian exports due to the United States sanctions.

Russia's oil production in August of 11.21 million barrels per day, near the post-Soviet era high reached the month prior to signing the OPEC+ deal that curbed its production. While Saudi Arabia and Russian Federation have increased production, "according to our information some of the (OPEC) countries are lagging behind".

Traders also continued to assess the tensions between Saudi Arabia and the US, after speculation grew the de-facto OPEC leader could deploy oil as a weapon against any punitive measures taken by Trump.

A claim by the United States that it aims to reduce Iran's oil exports to zero is a "political bluff", the head of the state-run National Iranian Oil Company was quoted as saying. Support is being fueled by concerns over a supply shortage. It could enter into the oil world if the Saudi's are forced to retaliate by pulling crude from the market. But longer-term for the rest of the year, gas prices will likely be steady in November and December and much higher than the same period last year.

As impending U.S. sanctions choke Iran's oil sales to its biggest customers, the Middle East producer isn't going down without a fight. Iran is its third-largest supplier after Iraq and Saudi Arabia and meets about 10 per cent of the total needs. "Middle Eastern crudes, and we are also taking some USA grades".