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Oil prices jumped on Monday in immediate reaction to a crucial decision by Opec and allies not to boost output urgently, rebuffing US President Donald Trump's call to increase production amid restricted Iranian crude exports and tightening global supply.

West Texas Intermediate crude oil fell below $70 a barrel and Brent shed more than 1% after Reuters reported OPEC and other supply-cutting countries led by Russian Federation are discussing raising production by 500,000 barrels per day at a Sunday meeting in Algeria. Non-member production overall is forecast to rise by 8.6 mbd to 66.1 mbd by 2023 on higher global demand, the report added, but a relative tapering off from 2020 will see members' crude production shrug off a medium-term trend fall, Opec predicted.

The refiner will start supplying fuel to local wholesaler Kygnus Sekiyu K.K. from 2020, which is expected to increase Cosmo's market share in Japan from 11 percent to 15 percent, Tanaka said.

Brent oil maintains firm tone on Tuesday and hit new four-year high at $82.18, in extension of strong rally on Monday.

"If demand is 10.9 million barrels a day, you can certainly take it to the bank that we will meet it", he said.

Citing oil traders, it said with the combination of sanctions on Iranian oil and supply limitations in Saudi Arabia, there could be a "price spike, likely $90 to $100" per barrel. 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.

The Organization of Petroleum Exporting Countries and its allies are just halfway toward their June pledge to pump an extra 1 million barrels a day of crude to fill the gap created by an economic collapse in Venezuela and renewed US sanctions on Iran.

JPMorgan said USA sanctions on Iran could lead to a loss of 1.5 million barrels per day, while Mercuria warned that as much as 2 million bpd could be knocked out of the market.

He further said all producers - OPEC and non-OPEC - wanted to keep the price of oil at around $80 per barrel.

Kazempour Ardebili said the unfavorable conditions for the implementation of US oil sanctions against Iran could eventually forced US President Trump to show a certain level of flexibility.

US Secretary of State Mike Pompeo has said Washington may grant waivers for major importers of Iranian crude but it still expects them to ultimately comply with the sanctions.

OPEC isn't just grappling with USA sanctions cutting Iranian supply. The biggest source of new global supply, USA shale, is also experiencing growing pains as pipeline bottlenecks and workforce issues hamper growth.

The oil price is on course for its fifth consecutive quarterly increase, the longest stretch of gains since early 2007, when a six-quarter run led to a record high of $147.50 a barrel.

"Saudi Arabia has room to produce more oil to cover".

At 0840 GMT, Brent North Sea crude for delivery in November soared to a peak of $80.94 per barrel.