"Big oil producing countries are going off the market under USA sanctions and that has led to turmoil".
Weak US petrol margins and growing US shale output could also cap gains in crude prices, market participants said.
'You cannot keep the price low with slogans and intimidation, ' considered Zanganeh.
"That is equivalent to the production capacity of major producers".
Still, reports that Iranian exports of crude oil may be falling faster than expected ahead of new United States sanctions on Tehran from Nov 4 lent support.
But as total imports into Japan remain in check, flows from Saudi - as well as from other Persian Gulf players Iran and Iraq - have dropped on a year-over-year basis through the first nine months of the year.
"That's a negative for oil prices right now, the larger-than-expected build in inventories this week", said Rob Thummel, managing director at Tortoise, which manages $16 billion in energy-related assets. "That comes after prices dropped sharply on Wednesday as US crude stockpiles surged more than what the market had expected".More news: Powerball Jackpot Reaches $345 million
Crude bumped higher this year as uncertainties persisted over whether the Organization of Petroleum Exporting Countries and its partners can offset potential supply losses from USA sanctions on Iran that kick in early next month.
As dramatic as Gordon's proclamation seemed, it was no match for those foreseeing crude in the triple digits such as Patrick Spencer, vice chairman of equities at Baird, who told Bloomberg television that, "we still think we can see oil at $100 before the year is out" due to oil stocks being "under owned, under-believed". The 11.21 million barrels places the country in second place of the most prolific oil producers in the world, behind the United States, who overtook both Saudi Arabia and Russian Federation earlier this year, according to EIA data as cited by CNN. But the government there is now under fire amid concerns that it might have been responsible for the death of journalist Jamal Khashoggi at the Saudi consulate in Istanbul earlier this month.
European diplomats have said the SPV would create a barter system, similar to one used by the Soviet Union during the Cold War, to exchange Iranian oil for European goods without money changing hands. It could enter into the oil world if the Saudi's are forced to retaliate by pulling crude from the market.
Western pressure mounted on Riyadh to provide answers, but President Donald Trump's comments suggested that White House may not take additional action against the Saudis, particularly after Saudi Arabia said it will conduct an investigation.
Oil held gains after an industry report showed an unexpected drop in American crude stockpiles.