OPEC producers and President Donald Trump are both embracing a "show me" attitude to energy market uncertainty, analysts told CNBC on Friday, as traders speculate about the possibility of $100 a barrel before year-end.
"The market and certainly the U.S. president is saying to OPEC and Saudi Arabia: 'Show me the barrels,'" Herman Wang, OPEC specialist at S&P Global Platts, told CNBC's "Street Signs" on Friday.
"And Saudi Arabia and OPEC have kind of turned around and said: 'Well, show me the demand,'" he added.
Earlier this week, Trump urged OPEC to ramp up production levels to prevent further price rises ahead of the mid-term elections in November.
Trump's calls for the Middle-East dominated cartel to raise global production levels comes as the U.S. prepares to impose targeted crude sanctions against Iran in around five weeks' time. Further to this, Washington is also asking buyers of Iranian oil to slash imports to zero to force Tehran to negotiate a new nuclear agreement.
OPEC and non-OPEC producers were initially expected to be reluctant to immediately respond to heightened pressure from the Trump administration, but Saudi Arabia is now expected to quietly add additional barrels of oil to the market over the next couple of months.