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Oil reached $80 per barrel this month causing Trump to tweet on Thursday: "We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!".

A source familiar with Opec discussions told Reuters on Friday that Opec and other producers have been discussing the possibility of raising output by 500,000 bpd.

Russian Energy Minister Alexander Novak said no immediate output increase was necessary, although he believed a trade war between China and the United States as well as USA sanctions on Iran were creating new challenges for oil markets.

Such prices made oil companies like Exxon Mobil Corp. the world's most valuable firms and spurred investment in risky billion-dollar oil projects.

OPEC and its allies reduced oil output in August as a drop in Iranian supply due to US sanctions derailed their attempts to raise production to agreed levels, delegates said on Saturday as the energy producers prepared to hold talks in Algiers.

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Bank of America's main scenario is for oil prices next year of around US$80 a barrel, according to the note.

However, Saudi Arabia's influential oil minister Khalid al-Falih left the way open to a future production hike, as supplies tighten due to the USA imposing sanctions on Iranian oil from November this year.

Global Benchmark Brent crude jumped more than 3 percent on Monday to a four-year high above $80 a barrel after Saudi Arabia and Russian Federation ruled out any immediate increase in production despite calls by U.S. President Donald Trump for action to raise global supply.

OPEC leader Saudi Arabia and its biggest oil-producer ally outside the group, Russia, on Sunday effectively rebuffed a demand from Trump for moves to cool the market.

USA crude futures were up 37 cents at $72.45 a barrel, close to their highest since mid-July.

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Those fears have sent crude oil prices higher, with commodity traders Trafigura and Mercuria predicting prices could rise to more than $100 a barrel by early next year.

Delegates from major oil-producing nations have agreed to continue working to boost output.

WATCH: What's next for Iran oil? However, analysts say that it is unlikely that the Kingdom will manage to bring this production to market quickly enough, and it will have difficulties in maintaining that level of production.

However, S&P Global Platts Analytics expects 1.4 million b/d of Iranian oil supplies to leave the market by November, when the United States sanctions go into force, while Mercuria's Jaeggi said he expects a loss of around 2 million b/d of Iranian crude in the worldwide market.

The american president seems to count on its saudi allies, the world's top exporter, to compensate for the drop in iranian exports.

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The Saudis and their allies appear to be trying to walk a fine line between accommodating Trump and not putting so much oil into the market that prices crash - as they did in 2014, damaging their petroleum-dependent economies.