Brent was trading up 2.28% at $80.60 a barrel on Monday, while West Texas Intermediate - the USA benchmark - was trading up 1.81% at $72.06 a barrel on the New York Mercantile Exchange. While the bank's projection for global crude demand remains unchanged, it expects to see further drops in supply and a wider deficit, from 300,000 to 400,000 barrels a day.
Oil has climbed since early August as speculation swirls over whether the Organization of Petroleum Exporting Countries and its allies will boost production, with sanctions on the Middle East nation's exports set to take effect in November.
"The market does not have the supply response for a potential disappearance of 2 million barrels a day in the fourth quarter", Mercuria Energy Group Ltd. Cofounder Daniel Jaeggi said in a speech at the S&P Global Platts Asia Pacific Petroleum Conference, knows as Appec.
Any extra production will need to come from major oil-producing nations like Russian Federation and Saudi Arabia. "They can't cover everything but they can cover something so the impact on the whole market is not that big", Nakayama said.
Still, Japanese trade officials will visit Washington again in late September in a bid to negotiate sanction waivers, the executives said. Opec estimates that coal usage in the OECD countries will plummet by a third by 2040, but it will increase by 20 per cent in developing countries to reach five times the volumes burned in the west.
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The so-called "OPEC+" group, which includes Russia, Oman and Kazakhstan, met over the weekend to discuss a possible increase in crude output, but the group was in no rush to do so. This, the official added, would not change given that Russia's production would decline over the cold months of the year.
Typhoon Jebi led to flooding in western Japan while an quake has shut the only refinery in Hokkaido, owned by Idemitsu Kosan, since Sept 6.
The refiner said it will also install scrubbers on half of the six Very Large Crude Carriers that it charters on a long-term basis. However, the consensus has now moved to as much as 1.5 million barrels daily as the U.S.is "incredibly serious" about its measures, he said.
Mohammad Barkindo, OPEC secretary general, said in Madrid on Tuesday OPEC and its partners should cooperate to ensure they do not "fall from one crisis to another".
A decade ago, Brent crude surged to almost US$150 a barrel, only to crash just months later as high fuel prices and the global financial crisis triggered a slump in demand.
Demand for OPEC crude. only reaches current levels again in the late 2020s, when USA tight oil peaks.