Iran says oil market held "hostage" by Saudi Arabia, Russia

Saudis UAE turned OPEC into “tool” for US Iran

Brent crude was up 17 cents at $78.35 a barrel at 1044 GMT.

"Trump's efforts to cut Iran's access to the global crude market has prompted Russian Federation and Saudi Arabia to take the market hostage", he said.

"There has been a lot of speculative interest searching for Brent above $80.00 a barrel on the back of the USA sanctions on buyers of Iranian crude oil, but so far this year any buying of Brent above $79.00 barrel did not have a long shelf life".

Oil cartel OPEC has allowed some members to turn the group into a tool for the USA, a senior Iranian official said in comments published on Saturday.

Oil prices on both sides of the Atlantic are reporting moderate gains, likely due to oversold Intraday technical indicators, although the fears that escalating trade disputes could dent demand are keeping the gains under check.

Price rises were capped after U.S. Energy Secretary Rick Perry said Saudi Arabia, other members of OPEC and Russian Federation were to be admired for trying to prevent a spike in global oil prices.

Iran will face United States sanctions on its oil sector in early November.

He named Iraq, Libya, Nigeria and Saudi Arabia as some of the producers that will be able to achieve more output increases in the coming months.

Iran's oil production fell for the fourth month in a row, according to OPEC data, to 3.584 million barrels, compared to 3.734 million barrels last July. U.S. light crude oil prices fell by more than a $1 down to $69.22 a barrel.

Demand for oil grew more slowly in the second quarter but will continue to rise this year and in 2019, the group said.

The storm could also affect the Colonial Pipeline, which transports oil through North and SC with the latter said to be in the direct path of the storm's eye.

At the same time, the report noted that OPEC crude output rose to a nine-month high of 32.63 million b/d in August, helping to offset the declines observed in Venezuela and Iran.

"Regime change in Iran is not American policy, but what we want is massive change in the regime's behavior", Bolton said, adding, "We are going to do other things to put pressure on Iran as well, beyond economic sanctions".

However, if push comes to shove and markets need more supply, Russian Federation will be able to ramp up production by 300,000 bpd mid-term, he said, in addition to the October 2016 level.

A six-country monitoring committee overseeing the OPEC/non-OPEC supply accord will meet September 23 in Algiers to assess global oil market conditions.

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