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Kazempour said Trump was trying to intensify tensions between Iran and Saudi Arabia.

Meanwhile, China's commerce ministry said on Thursday the United States is "opening fire on the entire world", warning that Washington's proposed tariffs on Chinese goods will hit global supply chains.

Both leaders also discussed "efforts by the oil-producing countries to compensate for any potential shortage in supplies", SPA reported. "If production increases as we now forecast, a large share of this would be eroded, leaving the global oil market with a limited "margin of safety", said Morgan Stanley's Rat.

"It is a positive move for the local economy".

He said Sunday that Oped should put another 2 million barrels on the market to make up for the coming shortfall in Iranian crude sales due to sanctions.

Earlier, she said in a note that the UAE and other Gulf states will benefit from the one million barrel hike announcement by Opec as they have the capacity to hike the output.

"Iran's exports are some 2.7 million bpd, including condensate", it noted.

Malik noted that the UAE has started increasing investments in hydrocarbon sector to meet future demands.

"OPEC has not defined oil prices for the past 30 years", Kazempour said.

President Donald Trump said the Organization of the Petroleum Exporting Countries (OPEC) is "doing little to help" rising gas prices and claims "if anything, they are driving prices higher".

Ardebili's accusations came as oil prices have surged in recent months. Brent crude was trading at 78.05 a barrel at 4pm UAE time on Tuesday.

Canadian oil prices are poised to continue their slow, steady march upward next year as shipping bottlenecks ease and USA refiners look north to fill the gap created by decreasing output from Venezuela, according to Deloitte.

An oil pump is seen operating in the Permian Basin near Midland, Texas on May 3, 2017.

Energy consultancy FGE this week issued a stark warning of looming supply shortages due to United States sanctions against Iran and also because of disruptions elsewhere. The facility produced 253,000 bpd on average previous year. About 450,000bpd of exports has been lost due to Libyan conflict.

"The more that Saudi Arabia adds to the market, the less of a supply cushion we have - that's a bullish twist to a bearish development", said Yawger at Mizuho.