The leader of Saudi Arabia promised U.S. President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday.
Libya's National Oil Corporation declared "force majeure", or unforeseeable circumstances, as the country's continued struggles with internal conflicts see approximately 850,000 barrels per day after losing control of Zueitina and Hariga ports this week.
The API reported a draw in gasoline inventories for the week ending June 29 of 3.1 million barrels.
Traders said supply disruptions could be short-lived as OPEC and allied producers ramp up output.
Still, Iran vowed on Sunday to defeat USA efforts to block its oil exports and warned rival producer Saudi Arabia it would never take Tehran's "place" on the worldwide oil market.
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"It is a positive move for the local economy".
The US on Monday said it is prepared to work with nations that are reducing their oil imports from Iran on a case-by-case basis, but ruled out granting waivers to countries like India or Turkey as it could substantially reduce pressure on Tehran.
Saudi Arabia's output is also on the rise and over the past few months, production has grown by 700,000 barrels per day, according to Reuters.
Malik noted that the UAE has started increasing investments in hydrocarbon sector to meet future demands.
Russian Federation and Saudi Arabia will face "dire consequences" if they increase their oil production, the head of the state energy firm said.
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Prices were also pushed up by looming U.S. sanctions against Iran, which threaten to cut supplies to an already tight market despite pledges by producer cartel OPEC to raise output to make up for the disruptions.
Brent crude futures were changing hands at $78.04 per barrel, up 28 cents, or 0.4 per cent, from their last close.
Hook said that the first part of USA sanctions against Iran will snap back on August 6.
The US earlier this year withdrew from the deal limiting Iran's nuclear programme in return for allowing the company to resell its oil on world markets. The outage is expected to last through July.
Meanwhile, Libyan supplies are down by as much as 350,000-bpd after the closure of the country's two biggest ports, while Angolan production has also been falling due to chronic underinvestment.
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Morgan Stanley raised its Brent crude forecast to $85 a barrel through to the third quarter of 2019, citing a tighter market than previously anticipated.