Elsewhere, the Trump administration is actively considering tapping into the nation's emergency supply of crude oil as political pressure grows to rein in rising gasoline prices before congressional elections in November.
"Oil prices suffer from a well supplied market, following recovering Libyan production and higher output from Saudi Arabia, its Gulf Cooperation Council allies and Russian Federation among still elevated Iranian crude exports".
He also said concerns that Saudi Arabia and its partners are moving to substantially oversupply the market are "without basis".
Earlier reports had President Donald Trump just weeks ago asking Saudi Arabia to increase oil production to make up for shortfalls in Venezuela as well as anticipated shortfalls in Iran as we close in on November when the U.S. sanctions against Iran take effect.
US oil supply is forecast to dominated by the Permian Basin throughout the forecast period, with total conventional and unconventional production from the basin reaching 6.3 million barrels per day, or 56 per cent of total US Lower 48 crude, in 2035.
Goldman still thinks that Brent could retest the $80 a barrel market, but only late this year, instead of in the summer, depending on US oil policies. There was no mention in the statement of Saudi June crude exports.
The United States holds a reserve of about 660 million barrels, and the Trump administration was considering drawing on the country's oil reserve, which would increase supply.
Phil Flynn, an analyst at Price Futures Group, remarked, "We're back to worrying about a tight market" - referring to the idea that the gas and distillate draws indicate strong consumer demand. Iranian official urges Trump not to use US strategic oil reserve.
It added in reference to the growing trade war between the US and China, "Slowing trade growth will weigh on physical demand for oil". It imported 47 different varieties of crude oil products from 21 countries past year, including Mexico from which the company is gradually expanding its oil imports. These export figures do not match what is thought to be Saudi Arabia's record oil production in July, or the cartel's earlier commitment to raise oil production-and theoretically, exports-to cool oil prices. The Iranians have pinned their hopes on China, which buys most of the oil, as well as on India and Turkey.
According to the newspaper, oil supplies from Iran should be completely stopped by October. United States oil production continues to break records, topping 10.9 mb/d in the last few weeks, an all-time high. For decades, the WTI contract based in Cushing, has been the benchmark for US oil prices, but Houston has surpassed Cushing in terms of importance.