Nigeria and Iraq pledge to cut output to meet OPEC targets

Bolton Exit Shifts Outlook in Oil Market Roiled by Sanctions

"The installation of the necessary pipelines and terminals is continuing apace, which will ensure that the trend continues".

U.S. crude oil imports decreased while exports increased during the week ending September 6, the U.S. Energy Information Administration (EIA) said Wednesday. That lifted total exports of crude and products to almost 9 million b/d.

At the same time, Saudi Arabia cut back on both crude and refined product exports.

"A reminder to the producers that competition for market share is getting tougher comes from preliminary data showing that in June the USA momentarily overtook Saudi Arabia and Russian Federation as the world's number one gross oil exporter", the IEA said in its latest Oil Market Report.

"The postponement of the next round of China tariffs by President Trump. has the global growth story back in full swing", said Jeffrey Halley, senior market analyst at OANDA. The oil producers' cartel plus Russian Federation have instituted production limits since 2017, but a substantial increase in USA shale output has kept supplies high.

"The world often asks: what does that mean?" Analysts were looking for a 1.4 million barrel draw in gasoline and a 220,000 barrel rise in distillate supplies.

The concessions also preceded a planned meeting in coming days aimed at defusing the long-running trade row between the world's two largest economies.

In a monthly report, the Organization of the Petroleum Exporting Countries said oil demand worldwide would expand by 1.08 million barrels per day, 60,000 bpd less than previously estimated, and indicated the market would be in surplus.

Brent futures have tumbled more than 18% from a peak reached in April, with WTI down over 15% over the same period.

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

At the same time, "demand growth will be significantly higher helped by a comparison versus a low base in second half 2018, lower oil prices versus a year ago and additions to petrochemicals capacity", it said.

Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.4 million barrels, the API said, while refinery crude runs rose by 208,000 barrels per day. For that to happen though, there needs to be no further deterioration in the economic climate or trade disputes, the agency said.

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