The world's biggest crude exporter is said to be comfortable with Brent prices rising as markets adjust to the loss of Iranian supply due to US-imposed sanctions, with oil exports from the nation plunging about 35 per cent since April.
However, the country's oil exports fell to 7.12 million barrels per day (bpd) last month from 7.24 million bpd, according to figures from the Joint Organizations Data Initiative.
Prices have traded mostly below $80 over the past few months on fears trade tensions between the US and China could damp global demand.
Oil prices inched up on Wednesday as concerns that producers may not be able to cover a shortfall in supply once US sanctions on Iran kick in outweighed a gain in USA stockpiles.
The cartel is nevertheless likely to face anger from Iran as it has come under more and more pressure once US President Donald Trump pulled his country out of the 2015 nuclear deal reached between Tehran and leading world powers in early May. Most of the 25 producers in the alliance will attend, according to an OPEC delegate.
Brent futures LCOc1 gained 36 cents a barrel to $79.39. The contract traded at a $9.41 premium to West Texas Intermediate for the same month.
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Traders work in the crude oil and natural gas options pit on the floor of the New York Mercantile Exchange. Total volume traded was about 45 percent below the 100-day average.
"Considering the high demand and low supply in the market, America's sanctions can not drop Iran's oil sale to zero".
Under the 2015 nuclear deal, most worldwide sanctions against Tehran were lifted in 2016 in exchange for Iran curbing its nuclear programme.
With almost 50 days to go before new U.S. oil sanctions against Iran enter into force, U.S. President Donald Trump has already managed to crush the country's petroleum exports, dealing severe economic damage to Tehran.
Saudi Arabia, Russia and other major exporting countries, are scheduled to meet on Sunday in Algiers to review the oil market.
Prices pared gains in post-settlement trade after data from industry group the American Petroleum Institute showed US crude inventories rose by 1.2 million barrels in the week to September 14 to 397.1 million, compared with analysts' expectations for a decrease of 2.7 million barrels. A Bloomberg survey of analysts forecasts a 2.5-million-barrel decline in nationwide inventories.