Lipow Oil Associates President Andy Lipow on how Hurricane Florence has impacted the US oil industry.
Brent crude futures LCOc1 were down 9 cents at $78.92 per barrel 0334 GMT, after rising 1.3 percent in the previous session.
Unilateral U.S. sanctions on oil sales by Iran, OPEC's third-biggest supplier, take effect on November 4.
OPEC has stated it will help to ensure global oil market stability, raising questions about how much longer the Vienna accord will remain in place.
Mr Barkindo did not, however, address how the global oil industry immediately can replace Iranian crude supplies in an already-tight market.
There are signs, however, that Saudi Arabian exports did not increase in July.
Stockpiles of distillate fuels, which include diesel and heating oil, rose by 1.5 million barrels, the API data showed, compared with expectations for a 651,000-barrel gain.
Roseanne Barr Reveals How 'The Conners' Will Kill Off Her Character
Roseanne lost her show on ABC following her racially charged tweets regarding the Barack Obama aide, Valerie Jarett. However at an event on Monday Roseanne said that she wasn't 100% sure of how her character dies.
Saudi Arabia is now comfortable with Brent oil prices rising above $80 a barrel, at least in the short term, as the global market adjusts to the loss of Iranian supply from US sanctions, according to people familiar with the kingdom's view.
Russian Energy Minister Alexander Novak said an oil price between $70 and $80 was temporary and sanctions-driven, adding that the long-term price would stand around $50/Bbl.
"The declaration of cooperation has come to stay", he said.
Oil futures also drew support from geopolitical risk on Tuesday.
Russian Federation has told Israel it will take all necessary measures to protect its military personnel in Syria, the Foreign Ministry in Moscow said.
Intensifying trade tensions between the US and China could hit economic growth and reduce crude oil demand next year, while supply disruption risks could push prices further upward, according to the International Energy Agency (IEA). 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 Imitative. The move was in retaliation for President Donald Trump's planned levies on $200 billion worth of Chinese goods. Energy ministers of Saudi Arabia, a U.S. ally, and Russian Federation said in May they were prepared to ease output cuts to calm consumer worries about supply.
The tariffs are likely to limit economic activity in both China and the United States and that should lower oil demand growth as less fuel is consumed to move goods for trade.