¬†Even with Saudi Arabia offering market assurances, concerns about dwindling spare capacity could push oil prices above $80 per barrel, Swiss bank UBS said. Members of the Organization of Petroleum Exporting Countries in June agreed to relax compliance with a multilateral production deal to address supply concerns from member states Iran, Libya and Venezuela. Security issues in Libya and chronic woes in Venezuela pushed compliance beyond 100 percent. The U.S. government, meanwhile, is pressuring Iranian oil customers to cut exports to zero by November. For the United States, higher oil prices means higher consumer fuel prices in the world’s leading economy. Saudi Arabia’s King Salman said following a weekend phone call with U.S. […]