Global oil prices edged up from early losses on Monday despite assurances from Washington that Saudi Arabia, Russia and the United States can raise output fast enough to offset falling supplies from Iran and elsewhere. US Energy Secretary Rick Perry said in an interview with Reuters on Friday that he does not foresee any price spikes and that the countries, the world’s top three oil producers, can between them raise global output in the next 18 months. Brent crude oil futures gained 25 cents to $78.34 per barrel as of 0727 GMT, reversing a 0.2 percent loss earlier in the session. US West Texas Intermediate (WTI) futures rose 28 cents to $69.27 a barrel after posting a drop of 20 cents earlier in the trading session. Iran’s oil exports are falling as more buyers, including its second-largest buyer India, cut imports ahead of US sanctions that will be re-imposed in November. Washington aims to cut Iran oil exports down to zero to force Tehran to re-negotiate a nuclear deal. Iran’s OPEC governor said on Saturday that Saudi Arabia and Russia have taken the oil market “hostage” and accused other producers of turning OPEC into a US tool. Iran is the third-largest producer among the members of the Organization of the Petroleum Exporting Countries (OPEC). Trading remained choppy amid an unresolved trade war between the United States and China. US President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday. The escalating trade row is raising concerns about the potential for slower growth in oil consumption, offsetting supply concerns stemming from the upcoming US sanctions on Iran over its nuclear programme. “The market’s expectation of shortages has cooled after data from last week showed increases in supplies, while investors have lowered the outlook for oil demand,” said Wang Xiao, head of crude research with Guotai Junan Futures. Published in Daily Times, September 18th 2018.