Oil inventories of developed nations decline: OPEC report

Statsguru Global Crude Oil Prices Rise As Tension In West Asia Escalates

"Iran's exports of oil to Asia and Europe will nearly certainly decline later this year and into 2019 as some nations seek alternatives in order to avoid trouble with Washington and as sanctions start to bite", said Sukrit Vijayakar, director of energy consultancy Trifecta. Price is another matter", he said."Iran, which is one of the main sour crude suppliers of the Mediterranean basis, provide Saras with crude.

In his statement he also mentioned Kharg Island, which has recently seen a number of changes made to the oil sales strategy to reach a new oil exports capacity of 8 million barrels of oil and related products combined.

Oil prices rose Monday on more signs of a tightening global oil market, despite the release of OPEC data which signaled robust production. Historically, the negative consumption response dominated the increase in oil investment.

USA crude futures climbed 49 cents, or 0.69%, to $71.19 a barrel on the New York Mercantile Exchange.

Oil prices on Monday fell away from last week's multi-year highs as a relentless rise in USA drilling activity pointed to increased output, while resistance emerged in Europe and Asia to US sanctions against major crude exporter Iran, Reuters reports. The global benchmark crude traded at a $6.34 premium to July WTI.

The Organization of the Petroleum Countries said in its monthly report Monday that petroleum stockpiles in the developed world stand just 9 million barrels above the five year average - a sign that the glut that weighed on the market for years is almost gone.

"The geopolitical tinderbox around the Middle East seems to be encouraging buyers, while global supply demand fundamental are staying "strong enough" to keep the sellers at bay for now", analysts at TAC Energy said. On Friday, prices dropped 66 cents to $70.70.

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The oil inventories of main developed countries almost declined to a latest five-year average level, indicating a possible tipping point from the supply glut, OPEC's latest report on Monday showed.

All key crude oil futures contracts saw traded volumes jump as speculators took on new positions in the hope of profiting from rising prices while refiners hedged to protect themselves from higher feedstock oil prices.

U.S. shale oil production is expected to rise by about 145,000 bpd to a record 7.18 million bpd in June, the U.S. Energy Information Administration said on Monday.

The Opec cuts and looming sanctions come amid strong demand.

Prior to the introduction of the EU's 2012 sanctions against Iran, Saras bought some 10% of its crude from there, and had been buying Iran crudefor some 30 years until that time.

A map published July 3, 2017, locates oil and gas fields in the Persian Gulf.

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