West Texas Intermediate, the US benchmark for the price of oil, was up 1.51 percent to $75.06 per barrel, its highest level since November 2014.
Iran had been pushing hard for oil producers to hold output steady as USA sanctions are expected to hit its exports.
Iran possesses the second-largest gas reserves on the planet after Russian Federation and the fourth-largest oil supply, while Saudi Arabia is the world's biggest oil exporter.
The 9.1 trillion 2018 budget was predicated on a benchmark price of $51 per barrel and production of 2.3 million barrels per day.
"Given the extension of the Opec agreement to end of 2018, we expect oil sector growth to be limited this year, especially given the UAE's increasing compliance with the production cuts, which averaged 124 per cent in the first three months of 2018", ICAEW said. Gasoline and distillate stocks, which include diesel and heating oil, also fell, the API said.
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"As Libyan port closures remove about three-quarters of their 1 million barrel-per-day exports, crude is pushing higher again today", he said. "We are also working with oil market participants, including producers and consumers, to ensure market stability".
Crude oil prices saw mixed activity today, widening the spread between WTI and Brent crude as Libya's oil production continues to suffer at the hands of the two rival NOC factions who are determined to duke it out.
"The Vienna meeting [4th OPEC meeting] sought to maintain production". But with inventories already below five-year averages and little spare capacity available, oil markets look set to tighten.
But a flurry of U.S. announcements over the weekend unsettled oil markets.
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The early gains came after Iran appeared to threaten to disrupt oil shipments from the Middle East Gulf if Washington pressed ahead with sanctions.
Production from the Organization of the Petroleum Exporting Countries increased by 320,000 bpd in June, according to a Reuters survey published Monday. But Indian banks and insurers have said they would not finance oil transactions with Iran. Tehran, however, vowed on Sunday to foil any U.S. bid to block its oil exports.
State Deparment's Hook says any sort of waiver or similar moves would reduce pressure on Iran.
"We are prepared to work with countries that are reducing their imports on a case-by-case basis", he added.
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