Oil falls on rising output from OPEC and United States

India defies US sanctions pressure; allows state refiners to use Iran tankers

If the USA gains the cooperation of its allies to halt imports of Iranian oil, and bring its exports to zero, it will help the Iranian people see their ultimate goal of regime change.

Iranian sanctions are due soon from the USA, promising to further hamper oil markets. "Is demand going to continue as strongly as it did?"

"The Saudis need oil at about $80 and they don't want prices to go below $70".

Edward Bell, analyst at Emirates NBD bank in Dubai, agreed: "Iranian production is already showing signs of decline, falling by 150,000 Bpd last month ..." Iran is OPEC's third largest crude oil producer.

OANDA's Innes said it was too early to say whether economic slowdown would put a serious dent in oil prices.

"Striking a balance between the various objectives, and doing it within a narrow price range, is an extremely hard task given the wide uncertainties and the different shocks hitting the oil market", the Oxford Institute's note said.

OPEC oil output has risen this month to a 2018 high as Libyan production recovered and Iraq's southern exports hit a record, a Reuters survey found, although a cut in Iranian shipments due to U.S. sanctions limited the increase.

US oil prices headed higher on Tuesday after two oil platforms on the Gulf of Mexico were evacuated in advance of an expected hurricane.

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While America initially wanted a complete halt in purchases, traders are now concerned that even a revised aim for only cuts would take out enough supply to create a market deficit, which other producers may struggle to fill.

"There is a danger that the demand will be impacted as well".

People often focus on the supply side. but what happens if China reduces its consumption?

"I see that as a possibility as well". USA crude was unchanged at $69.80/Bbl, Kallanish Energy reports.

"And I think, and many people agree with me, that the demand will be impacted - so that's not good for us". A weak tropical storm that could develop in the Gulf of Mexico this week probably won't threaten offshore oil and natural gas operations, said Rob Miller, a meteorologist with AccuWeather Inc.in State College, Pennsylvania.

Shipments of West African crude to Asia generally have hit record highs of 2.59 million bpd in August, thanks in large part to Indian demand, while European refineries' appetite for crudes similar to Iran's has pushed the price of Russian Urals to its highest in nine months.

Iran suffered the biggest output drop across the group, of 240,000 bpd, pushing its production down to 3.5 MMbpd. "This week, the latter appear to be coming back center stage, with Wednesday's deadline for the United States to decide on a third - and the largest - tranche of tariffs against China", said Vandana Hari, founder Vanda Insights.

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