According to forecasts, US sanctions will remove 400,000 to 500,000 barrels per day of Iranian crude from the global market.

When the USA again sanctions Iran, their output will be reduced which will create tighter supply of oil around the world and increase the price of oil and petrol. This means that output capacity could still exceed the pre-JCPOA level by around 20 - 30% over the next five years even without new developments.

In addition, President Trump's withdrawal from the Iran nuclear deal has heightened the political uncertainty about the trajectory of that country's oil production.

"While outright prices have broken out to new highs, the discount of WTI to Brent has hit a new three-year low as USA transportation infrastructure is once again having a hard time keeping pace with rapidly increasing production, while the rest of the world is anxious about looming production cuts from Iran and Venezuela", TAC Energy said in a note.

OPEC is to focus on oil inventory, rather than price.

The United States plans to impose new unilateral sanctions on Iran after abandoning an agreement reached in late 2015 to limit Tehran's nuclear ambitions in exchange for removing joint U.S. -Europe sanctions.

In 2016-17, crude oil and refinery products imports accounted for 22.7 percent of India's total import.

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Emmanuel Ibe Kachikwu, Nigeria's petroleum and resources minister, center, looks on during a news conference the 173rd Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna, Austria, on Wednesday, Nov. 29, 2017. The production agreement with Russian Federation and non-OPEC members is slated to run through year-end but it could potentially end earlier, be modified or even extended beyond beyond 2018.

The OPEC report was published the same day as the Russian oil company Rosneft posted a seven-fold increase in net profits for the first quarter of the year compared to the same time period last year, reaching 81 billion rubles ($1.3 billion).

"The driving force behind the anticipated increase in global oil demand is likely based on expectations over stronger global economic growth", Lukman Otunuga, research analyst at FXTM, said.

The prospect of a drawdown in crude stocks should be supportive for prices along with the tight global supply situation.

Changes in oil supply and demand are expected to weigh on prices in the future.

"By 2019, U.S production can pick up as pipelines are expanded and OPEC and Russian Federation can bring back production", says Lee.

He noted that the oil market still has an excess of supply, although the market is close to achieving a balance. That's a big a if in the political current environment.