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Gasoline stockpiles rose by 3.3 million barrels, while inventories of distillate fuel, jumped by 2.7 million barrels, the EIA reported.

Falling production in Venezuela and Libya, as well as the risk of lower output from Iran as a result of United States sanctions, have all increased market worries of a supply shortage.

OPEC sources said Zanganeh also demanded at the meeting that USA sanctions be mentioned in the group's postmeeting communique, as Tehran has blamed the us measures for causing the recent sharp rise in oil prices.

That reflects a 1 million barrel-a-day adjustment on paper to the production cuts implemented by the Organization of Petroleum Exporting Countries and its allies, the delegate said, asking not to be named because the information is private.

The Iranian publication Seda quoted anonymous sources as saying Zanganeh told the other producers that the proposed increase would pave the way for cuts in Iranian oil output that are likely to result from a reimposition of US sanctions against Iran in the fall.

A marginal increase in crude production could help Saudi and Russian Federation replenish their sovereign wealth funds, which they had to use to meet expenses as crude prices fell until 2016.

"While we are not in favour of prices as low as $30 per barrel, we also do not support the prevailing high price which dent our fiscal balance and undermine our development process", Mr. Pradhan added.

Iran is understood to want a coded critique of the United States, which recently ended an worldwide nuclear agreement with Iran, in the final Opec agreement on Friday. So, the markets have likely priced-in the output hike. On Wednesday, U.S. crude closed at $65.74 a barrel, down from a peak of almost $73 last month, and Brent crude, the global standard, closed at $74.61, down from $80.


The US-Chinese trade rift threatens to limit US crude oil exports to China that have been gaining pace in recent months and eating into OPEC's share in the market, a market that is setting the pace of global oil demand growth.

OPEC and its allies have since a year ago been participating in a pact to cut output by 1.8 million bpd.

"I don't think we can reach agreement" on the proposal, Zanganeh said as he left the meeting.

"We want to prevent the shortage and the squeeze that we saw in 2007-2008", Falih said, referring to a time when oil rallied close to $150 per barrel.

Analysts have called this week's OPEC talks the most fractious and politically charged in years.

Khalid Al-Falih said he was hopeful an agreement would be reached on Friday, minutes after meeting Iran, which has been the key holdout to a rise in output.

"Allocating to Saudi Arabia part of the quota of countries that cannot increase output could be a technical solution, but may not be a political one", Al-Falih said.

If the existing deal is retained and Saudi Arabia felt there was a need to add more oil, Riyadh could still increase production unilaterally, as it did after a meeting in June 2011 ended with no decision.


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