OPEC, Russia rebuff Trump's call for immediate boost to oil output

Iran, OPEC's third-largest producer, has accused Mr 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.

Hosted in Algiers, Sunday's meeting was a gathering of the Joint Ministerial Monitoring Committee (JMMC) of members from the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries, including Russian Federation.

Trump wrote on Twitter on Thursday that "we protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!"

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This drew an immediate reaction from Tehran which described the move as insult to the OPEC and accused Washington of trying to use political pressures to change the policies of the Organization.

Iranian Oil Minister Bijan Zanganeh also said on Sunday he hoped decisions taken by the OPEC and non-OPEC ministerial committee would not be affected by U.S. President Donald Trump's tweets on oil producers. In its annual World Oil Outlook, the Organisation of Petroleum Exporting Countries forecast world supply of all hydrocarbons (primarily oil and liquified natural gas) would rise from a current 98.4 million barrels per day (mbd) to 104.5 million by 2023, and 111.9 million by 2040.

"Our attention is shifting to 2019".

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After pulling out of the 2015 Iran nuclear deal in May this year, the Trump administration has pledged to impose an embargo on Iranian oil from November 5.

Rather than OPEC controlling prices, analysts have instead blamed Trump's latest round of sanctions on OPEC-member Iran for driving up the price, as supply from Tehran decreased.

"If there is a fall not only from Iran, but anybody else, it is the responsibility of OPEC and non-OPEC to balance the market", Hossein Kazempour Ardebili, who represents Iran on OPEC's board of governors, told reporters.

"We agreed to target 100 percent conformity for the next coming two months until we meet again at the next JMMC", Rashidi said.

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

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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