Oil rose on Friday, clawing back some territory after prices fell by the most in a month in the previous session, as the focus returned to supply concerns ahead of a November deadline for United States sanctions on Iranian crude.
"Russia and Saudi Arabia claim they seek to balance the global oil market, but they are trying to take over a part of Iran's share", said Hossein Kazempour Ardebili, according to the oil ministry's news agency SHANA.
"The looming supply gap that the loss of Iranian oil exports represents is still ahead of us and that early November USA deadline to reduced imports to zero is fast approaching".
Nearly all of Iran's main customers purchased fewer Iranian barrels in August than they did in April, the month before Trump said sanctions were being reimposed.
However, prices were able to rebound into the close on Friday after a report said Secretary of State Michael Pompeo was going to give a press conference on new sanctions on Iran.
Oil prices broke the $80 a barrel barrier yesterday as the storm, along with Donald Trump's sanctions on Iran, bumped prices.
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The build-up in Iranian oil supplies underscores the pressure that Iran is facing as Washington aims to bring Iranian oil exports down to zero to force Tehran to re-negotiate a nuclear deal.
The contract will be based on the differential of the four crudes to the dated Brent benchmark price and will represent 1,000 barrels of oil.
While oil prices strengthened in recent weeks on the lower supply outlook out of Iran, investors should keep in mind that OPEC can step in at anytime to fill in the gap.
Kazempour Ardebili further accused Russian Federation and Saudi Arabia of trying to take over Iran's share in the global oil market.
USA production jumped in recent years because of techniques including hydraulic fracturing, or "fracking", which is the use of chemicals, sand, water and high pressure to crack rock formations deep below ground, releasing more oil and natural gas.
Saudi Arabia, which is the world's largest crude exporter, pumped 10.49 million barrels per day in August.
"Saudi Arabia and the UAE are turning OPEC into a tool for the United States and consequently the organization has not much credit left", Iran's OPEC governor, Hossein Kazempour Ardebili, was quoted by media as saying.