South Korea has bought no Iranian crude oil for about three months after the reimposition of USA sanctions on Tehran, a spokesman for the Iranian oil ministry was quoted as saying on Sunday by the ministry news website SHANA.
In its latest forecast on the global oil landscape, the Organization of the Petroleum Exporting Countries said it expects US shale growth to "slow significantly" after 2023, before peaking at 14.3 million barrels a day between 2027 and 2028. Oil demand is forecast to increase by 14.5 million barrels a day to a total of 111.7 million barrels in 2040, driven by an expanding middle class and economic growth in developing countries.
Members of the Organization of the Petroleum Exporting Countries met on Sunday in Algiers with non-members including Russian Federation.
"It's premature to say what we're going to do in 2019", he added.
Nearly 2 million barrels per day (bpd) of crude could be taken out of the market as a result of the United States sanctions against Iran by the end of the fourth quarter this year, said Daniel Jaeggi, president of commodity merchant Mercuria Energy Trading, making a crude price spike to $100 a barrel possible. "So far, we have chose to stick to our June agreements", Novak said.
The next OPEC meeting isn't set until early December, where the discussion docket will again not include a production hike.
People look at flags ahead of the OPEC Ministerial Monitoring Committee in Algiers, Algeria September 22, 2018.
That equates to an increase of about 1 million bpd, but the latest figures show they are some way from achieving that target.
OPEC put Iran's current production at 3.58 million bpd, down some 300,000 bpd from the start of the year, according to OPEC's secondary sources such as researchers and ship-trackers.
Iran's OPEC representative Hossein Kazempour Ardebili on Sunday said his country was continuing to meet its OPEC quota share.
"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", Kazempour told reporters.
"We have the consensus that we need to offset reductions and achieve 100 per cent compliance, which means we can produce significantly more than we are producing today if there is demand", Al Falih said. "We in Saudi Arabia have not seen demand for any additional barrel that we did not produce".