Brace for an oil market price rally in November: Details here

"Things are tightening up", the agency that advises Western governments on energy policy said in its monthly report.

Oil prices rose more than 2 percent on Tuesday as US sanctions squeezed Iranian crude exports and after USA crude oil production in 2019 was forecast to grow at a slower rate than previously expected, prompting supply concerns.

"Crude oil output increased mostly in Libya, Iraq, Nigeria and Saudi Arabia, while production declined in Iran, Venezuela and Algeria", the 15-member oil cartel said.

Oil markets are also watching Hurricane Florence offshore the United States, amid surging demand for gasoline and diesel, although crude output will not be affected on the storm's current route, according to CNBC.

US crude stocks fell 5.3 million barrels in the week to September 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the US Energy Information Administration (EIA) said on Wednesday.

With Middle East crude markets also tightening because of the USA sanctions against Iran, many Asian refiners are seeking alternative supplies, with South Korean and Japanese imports of US crude hitting a record in September.

Brent crude futures traded at $79.20 a barrel while USA crude futures rose 61 cents to $69.86 a barrel.

"South Korea bought 194,000 bpd from Iran in July", OilPrice said.

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The Economic Times (ET), an Indian daily said Iran now exports about 2 million barrels a day which is already 28% less than what they used to export in April.

Gordon Gray, HSBC's global head of oil and gas equity research, told CNBC: "While we aren't explicitly forecasting Brent to rise to $100 a barrel, we see real risks of this happening". Oil production has been hit by attacks on oil facilities and blockades, though a year ago it partially recovered to around one million barrels per day.

Demand for crude from the Organization of the Petroleum Exporting Countries will moderate in 2019 to 31.9 million bpd, from an estimated 32.3 million bpd this year, the IEA said.

The United States and China have imposed a series of tariffs on each other's goods since May that have unnerved equity markets, while a rising USA dollar has put emerging market currencies under pressure, raising the energy bill for some of the world's largest oil importers.

Combined output by these three producers has risen by 3.8 million bpd since September 2014, more than the peak 3 million bpd Iran has managed during the last three years.

That month Russian Federation produced 11.247 million bpd, a post-Soviet Union record-high.

"World demand will average 98.82 million bpd in 2018, a demand growth of 1.62 million bpd", said S&P.

WTI was pushed over $70 during the previous session due to falling crude inventory and production levels.

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