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Trump said, adding that countries in the Middle East would not be "safe for very long" without protection from the United States. Given the Kingdom's preference for Brent prices above $80/barrel, OPEC may not increase supply unless prices remain elevated.

A pump jack operates at sunset in an oil field in Midland, Texas U.S. August 22, 2018.

Such technical arguments may inflame passions inside OPEC delegations, but they're drowned out by Trump's Twitter bullhorn, which was blasting loud and clear on Thursday.

US oil futures rose to a more-than two-month high Wednesday, helped by a fifth weekly crude inventory drawdown and strong domestic gasoline demand, amid ongoing supply concerns over USA sanctions on Iran that begin in early November.

Trump has imposed sanctions in response to Iran's nuclear program that are to go into full effect on November 4. On Tuesday, the global oil benchmark rose 1.3 per cent on a media report that Saudi Arabia, the world's largest oil exporter, was comfortable with prices above $80, indicating the producer would not try to increase output to drive prices lower.

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'It's complicated. Saudi Arabia has to balance oil supply and demand, and it has to balance oil prices so they don't rise too much before the USA elections, ' one OPEC source told Reuters. Saudi Arabia, Russia and the U.S. are the world's three largest oil producers.

He has consistently complained that oil prices are too high.

Refinery activity started to slow down from record highs reached a month ago with crude runs down 442,000 bpd and utilization rates off 2.2 percentage points to 95.4 percent of nationwide capacity, EIA data showed.

In staying away from the meeting, Zanganeh could complicate plans by OPEC to institutionalize its partnership with Russian Federation and the other non-OPEC participants in its supply accord. Such a move would require Opec to hold what it calls an "extraordinary meeting", which is not on the agenda. OPEC sources have told Reuters no immediate action was planned and producers would discuss how to share a previously agreed output increase. US light crude oil was unchanged at $71.12 a barrel after rising almost 2 percent on Wednesday.

Prices have traded mostly below $80 over the past few months on fears trade tensions between the USA and China could damp global demand. While the cartel was expected to ease production limits at its upcoming meeting in Algeria, recent comments from Saudi Arabia may suggest otherwise.


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