Oil steady near multi-year highs as USA drilling rises

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Depleted stocks of distillates, like diesel, in the USA are also helping lift oil prices, Mr. Headrick said.

The oil market jumped last week following Trump's decision to withdraw from the Iran nuclear deal and reimpose economic sanctions. That was then, this is now.

Still, OPEC also said its total crude output rose by 12,000 barrels a day in April, month-on-month, to average 31.9 million barrels a day. "It is a way to enforce compliance on refiners around the world".

Saras, which runs the 300,000 b/d Sarroch refinery and is an active buyer of Iranian oil, said it is flexible in its crude oil imports, but Scaffardi did admit that the rise in oil prices was more of an issue for them rather than sanctions on Iran. OPEC also boosted its forecast for demand this year while trimming its outlook for global oil production.

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Claudio Descalzi indicated he supported moves by some European politicians to persuade the U.S. to soften the impact of President Donald Trump's decision last week to exit the 2016 nuclear deal with Tehran and limit Iran's exports.

"Nothing noteworthy will happen to our export of crude and condensate by the USA withdrawal", Zanganeh said. Opec production remained low at 31.9 million barrel per day against 32 million barrel per day in March, much lower than the target of 32.5 million barrel per day.

- Global oil supply is tightening. China's refinery runs rose almost 12 percent in April from a year earlier, to around 12.06 million barrels per day, marking the second-highest level on record on a daily basis, data showed.

Joe McMonigle, a senior energy analyst at Hedgeye Risk Management, told the surprise drop in crude oil prices was a direct response to Trump's early announcement.

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Speaking to CNN Money, Mohammad Barkindo, the secretary general of the Organization of Petroleum Exporting Countries, said extraordinary moves to limit global oil supplies would be bad for the global economy. OPEC market share now stands at 32.6% but could go in either direction depending on the cartel's response to Iranian barrels coming offline later in the year.

Non-Opec production remained flat for the second month at 58.6 million barrel per day in March because of higher production from the U.S. and the North Sea region, which was offset by other non-Opec members.

“The (recent) surge in oil prices has been due to a number of factors including strong global economic growth, a falling dollar, an agreement between OPEC and Russian Federation to limit production, economic collapse in Venezuela cutting their production, and bottlenecks in getting US shale oil to market, ” said David Kelly, chief global strategist at J.P. Morgan Asset Management. If another couple of pence a litre goes on, it could take the average cost of a litre of unleaded to 126.5p - a price last seen in October 2014 - which would make filling up a 55-litre family vehicle cost almost £70'.

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