Oil prices fell on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran.

Poland, Germany, Ukraine and some other countries suspended imports of Russian oil via the Druzhba pipeline this week due to the contamination. Russia said it plans to restore the pipeline to Europe to stability in two weeks.

"Not extending the oil waivers of some countries is another side of the US measures against Iran. But if Iran's oil is fully sanctioned, oil price will go higher than $100 per barrel,"

Oil prices dipped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States.

Crude oil prices are expected to average $66 a barrel in 2019 and $65 a barrel in 2020,

Crude oil prices for spot delivery rose to 2019 highs earlier in the week after the United States said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.

The International Energy Agency is monitoring developments in global oil markets, and notes that markets are now adequately supplied, and that global spare production capacity remains at comfortable levels.

OPEC is due to meet in June, where the Iran question will no doubt be raised. But oil and gas leaders are taking a cautious approach, with Kuwait's oil minister Khaled Al Fadhel noting that a decision would be taken only after a review of oil prices.

the risk of oil prices heading well above $70/b to the oil market and the global economy, while also saying that if prices were too low it would hit investment in the industry and key oil producing countries.

China is resolutely opposed to the United States enforcing unilateral sanctions or “long armed jurisdiction”, Geng Shuang, a ministry spokesman, told a daily news briefing.

As the BRENT surges past 73$/barrel, it's expected that Brent trades at a premium with regards to the Brent-Dubai Spread Chart.

Oil futures settled at fresh six-month highs Monday as the market looked at an increasingly tight global supply picture in light of the White House decision. ICE June Brent settled up $2.07/b at $74.04/b, and NYMEX May WTI settled $1.70/b higher at $65.70/b. Monday marked the highest front-month settle for both contracts since late October, just before the US sanctions snapped back.

Green hydrogen can in principle be shipped around the world to places that are less well endowed with cheap renewable energy sources.

Oil prices rallied by about 3 percent on Monday to their highest since late 2018 as the United States was set to announce that all imports of Iranian oil must end or be subject to sanctions.

"Cooperation will continue between Russia and Saudi Arabia," Ibrahim al-Muhanna said at the International Oil Summit in Paris, stressing that "it is the core of OPEC+ cooperation."