OPEC members Iraq, Nigeria agree to cut oil output

Saudis new energy minister Prince Abdulaziz bin Salman says its October oil production would be 9.890 million barrels per day

Bringing more oil into the market will also undermine the OPEC-led attempt to tighten supply and stabilize prices by reducing output from its members and major ally producers. In the middle of this scene, the Iraqi minister of petroleum, Thamer Ghadhban, announced that tomorrow the cartel and other related countries will analyze the need to make a new cut in production to stabilize prices in the global market.

OPEC on Wednesday cut its forecast for growth in world oil demand in 2020 and indicated the market would be in surplus.

The calls from Saudi and Russian energy ministers came after Iraqi oil minister Thamer Ghadhban said on Wednesday OPEC and its allies could discuss deeper cuts amid slowing economic growth due to a U.S.

"This highlights the shared responsibility of all producing countries to support oil market stability to avoid unwanted volatility and a potential relapse into market imbalance", the report said.

"OECD oil inventories fell in July and stood 36 million barrels above latest 5-year average - the level originally targeted by supply cut deal". Analysts were looking for a 1.4 million barrel draw in gasoline and a 220,000 barrel rise in distillate supplies.

OPEC's policy of supporting prices through supply cuts has given a sustained boost to United States shale and other rival supply, and the report suggests the world will need less OPEC crude next year.

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Crude oil output increased mostly in Saudi Arabia, Nigeria, Iraq and the UAE, while it declined mainly in Venezuela, Iran, I.R., Libya, Kuwait and Algeria, reads the report.

Over the past four weeks, crude oil imports averaged about 6.69 million b/d, down by 883,000 b/d year-on-year; crude oil exports averaged about 3.05 million b/d, up by about 1.48 million b/d year-on-year. It was the first increase this year.

Oil prices fell on Thursday to extend losses from the previous session following a downward revision in OPEC's oil demand forecast and amid speculation that the US may ease sanctions on Iran.

The tussle for the No. 1 slot could remain tight in the months ahead.

Meanwhile, Saudi Aramco has picked a slew of banks to work on its planned initial public offering following intense lobbying by some of the world's top dealmakers, people with knowledge of the matter said.

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