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Meanwhile, Nigeria's Bonny Light crude oil has maintain an global price of $73.44 per barrel, higher than the Organisation of the Petroleum Exporting Countries (OPEC) basket price of $73.35 per barrel.

But Goldman Sachs analysts said in a Monday note that despite an expected increase in OPEC output, weaker emerging market demand and a burgeoning trade war between the United States and China, the oil market remains in deficit. On the other side, less privileged OPEC members like Iran, Venezuela, Iraq, Angola, Libya and Nigeria whose production levels have been under pressure by different geopolitical and economic factors like USA sanctions and budget deficit need the prices to stay at current levels.

On June 22, OPEC members along with Russian Federation are going to gather once again to decide whether it is time to end a deal which has held their oil production at a certain level for near 18 months and pushed the oil prices to significant highs. Energy Ministers from all the OPEC countries including Saudi Arabia, UAE, Iran as well as Russia, China, Oman are expected to participate in the Conference.Pradhan will also visit Germany from 21-22nd June, 2018.

FILE PHOTO: A man fixes a sign with OPEC's logo next to its headquarters' entrance before a meeting of OPEC oil ministers in Vienna, Austria, November 29, 2017.

The IEA monthly report stated that oil market is finely balanced and vulnerable to disruption and said OPEC swing producers and others might need to raise their production, even as it noted some factors on the demand side are likely to have a moderating influence.

Investors are looking ahead to what could be the most contentious OPEC meeting in recent years.

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Oil minister Dharmendra Pradhan on Monday said that he will seek "responsible crude oil pricing" from Organization of the Petroleum Exporting Countries (OPEC) at a meeting being held in Vienna and ensure that oil prices remain within common man's reach.

Last week, Cushing inventories fell by 1.3 million barrels, government data showed on Wednesday. The U.S. president repeatedly voiced his dissatisfaction with OPEC through social media accusing the cartel of driving up the oil prices, this consequently caused some turbulence in the market and resulted in Saudi Arabia's reaction. "The whole world has to stand against these arrogant attitudes - and will".

Already US President Donald Trump has called on OPEC to cut production, tweeting in April and again this month that "OPEC is at it again" by allowing oil prices to rise.

"It's really a double whammy for Iran", Smith says, "from the perspective that because sanctions are being placed on them, they're not going to be able to export as much, because they probably won't be able to send crude into Europe". Brent crude jumped $1.55 to $74.99 a barrel.

While Iran said on Sunday it was opposed to any increase to current quotas, officials from a number of other countries are optimistic that an agreement can be won for a relatively modest hike at this week's meeting in Vienna, the people said, asking not to be named. Significant drops in USA and global oil inventories show consumer demand is at record highs, spurred by the lower oil prices and now a stronger global economy, said Roberts and Michael Cohen, analyst at Barclays. We expect prices to be in broad range of $63 and $66 on the WTI, with heightened volatility ahead of the event.