OPEC Mulls Options to Cut 2019 Oil Output to Prevent Oversupply

Oil rises above $80, Saudi Arabia plans output increase

In the USA, crude stockpiles added 9.88 million barrels last week, the American Petroleum Institute was said to report.

US crude stocks rose last week as refineries cut output, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday. Still, losses are limited by persistent concern that the Organization of Petroleum Exporting Countries and its partners won't be able to fill a supply gap from Iran when renewed USA sanctions on the Islamic Republic take effect in November.

Brent crude oil fell 82 cents, or 1.1 percent, to a low of $75.35 before recovering a little to trade at $75.87 by 0900 GMT. Brent crude, used to price global oils, slid 0.4%, to $76.17/Bbl.

"As long as America targets Iran, one of the biggest crude producers, with sanctions, the volatility in the oil market will continue", Zageneh said.

Oil is poised for the worst monthly decline since July 2016 as ongoing trade tensions stoke concerns over global growth that drives energy demand at a time when American crude stockpiles are increasing.

The minister said Saudi Arabia had in fact used its inventories to release about 500,000 barrels per day (bpd) of more oil to the market between May and September.

Gasoline production decreased last week, averaging 10 million barrels per day.

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"We think that demand will start dropping off as we approach year-end in accordance with regular seasonal patterns", he said at a meeting in Vienna, according to Reuters.

"My role as the energy minister is to implement my government's constructive and responsible role and stabilizing the world's energy markets accordingly, contributing to the global economic development", explained Falih.

"We have sanctions on Iran, and nobody has a clue what Iranians export will be".

Looming U.S. sanctions on oil exporter Iran have helped support prices.

Prices had slumped as forecasters including Opec and the International Energy Agency predicted slower oil-demand growth for 2019.

EIA forecasts US crude oil production will increase by 1 million barrels per day in 2019. Meanwhile, Russia suggested its current output is higher than in September. That compares with the median 3.7 million-barrel increase forecast in a Bloomberg survey.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 6.3 million barrels during last week.

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