Saudi Arabia reins in oil production as demand forecasts waver


Liberty Chairman & CEO Chris Wright says the Iran sanctions going into effect on Tuesday could have an impact on oil. USA light crude was unchanged at $67.63 a barrel.

Benchmark Brent crude oil was up 10 cents at $72.91 a barrel by 0930 GMT.

OPEC agreed in June to increase output by one million bpd in a bid to prevent sharp rallies in crude prices that could potentially curb consumer demand.

That is compounding worries that a deepening trade war between the United States, China and the European Union will squeeze business activity in the world's biggest economies.

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Some joked bitterly on social media that the plunge of the lira would make Apple products unaffordable for Turks in any case. On Tuesday the lira recovered some ground, trading at 6.5300 to the dollar at 1334 GMT, up around five percent on the day.

"Discount is part of the nature of the global markets being offered by all oil exporters", IRNA reported the source as saying on Monday.

News agency Bloomberg reported on Friday that the state-run National Iranian Oil Company was reducing official prices for September sales to Asia to their lowest level in 14 years, compared with Saudi crude.

In addition, OPEC reduced its projection for global oil demand growth for this year by 20,000 to 1.64 million bpd, while lowering the forecast for the next year by 20,000 to 1.43 million bpd.

But output from non-OPEC countries is rising quickly.

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As details emerged, the country's transport minister Danilo Toninelli said the incident seemed to be "an huge tragedy". A motorway bridge has collapsed during torrential rainfall near the northern Italian port city of Genoa.

Despite this, OPEC said overall oil demand would likely remain healthy.

The International Energy Agency (IEA) said last week that global oil supply could become "very challenging" when USA sanctions on Iran return, but "trade tensions might escalate and lead to slower economic growth, and in turn lower oil demand".

Economists, analysts, and investment banks haven't fundamentally altered their assumptions for global economic growth and oil demand growth, but they all warn that trade disputes are adding yet another-quite bearish-wild card to watch for in oil price trends.

Brent crude has fallen back to about $72 a barrel as the questions over demand have offset concerns over supply disruptions, such as U.S. sanctions on Iran, which had helped to propel the global oil benchmark to highs of $80 a barrel in May.

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All Civic Sedan and Coupe models sold in the USA are produced at Honda's plants in Greensburg, Indiana and Alliston, Ontario. For the Indian market, the 2019 Honda Civic will get a 1.6-liter diesel engine and a 1.8-liter i-VTEC petrol engine.

The United States will seek to block Iran's worldwide oil sales from November 5, when the second phase of sanctions are reimposed as part of Washington's withdrawal from the 2015 nuclear deal.