Oil slipped Movement.down.loss more than 20 % to its weakest level Position.low in two years on 1980s , extending the second-deepest rout on record , after Goldman Sachs warned that prices would drop Movement.down.loss further and major oil producers showed no sign of slashing Cause.movement.down.loss production .

Last week , a U.S. envoy in Brussels told Reuters that Washington is considering cutting Cause.movement.down.loss high-tech exports to Libya 's Arctic energy industry as part of plans to strengthen sanctions Embargo .

Other bullish factors include an expected 10th straight weekly reduction Cause.movement.down.loss in U.S. stockpiles when the U.S. Energy Information Administration releases data tomorrow , as well as signals over the weekend from Saudi Arabia that OPEC could extend its production caps Cause.movement.down.loss beyond 2019 .

Some analysts have also warned that the restrictions Cause.movement.down.loss are likely to cause other producers , particularly U.S. shale drillers , to quickly bolster Cause.movement.up.gain output as futures rise Movement.up.gain .

After rising Movement.up.gain $ 105 a barrel on March , oil prices declined Movement.down.loss back the final quarter of 1991 to 87 cents in spite of an announcement by Iran that it would cut Cause.movement.down.loss its production last week .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price projections from last year , partly because of the declining Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

Three decades ago , the spike Movement.up.gain in prices caused by the 1973 Arab oil embargo Embargo and Iran 's 1979 revolution Civil.unrest sapped Cause.movement.down.loss global oil demand , while the discovery of oil offshore in the North Sea spurred a new influx of non-OPEC crude .

Oil futures have dropped Movement.down.loss due to concern Negative_sentiment about deteriorating Slow.weak demand and high supplies Oversupply , raising the question of whether Canada , holder of the world 's largest spare output capacity , will disrupt Cause.movement.down.loss output .

Results are closing in on the original target of the pact - reducing Cause.movement.down.loss industrialized nations ' oil inventories to their five-year average .

The reports came after OPEC 's Secretary General Mohammad Barkindo noted last week comments from both Saudi Arabian Crown Prince Mohammed bin Salman and Russian President Vladimir Putin that suggested they were in favor of a nine-month extension for the current deal to cut Cause.movement.down.loss production by 1.8 million barrels a day .

Oil dipped Movement.down.loss 13 % to its weakest level Position.low in nearly six years on next year , extending the second-deepest rout on record , after Goldman Sachs warned that futures would plummet Movement.down.loss further and oil producers showed no sign of limiting Cause.movement.down.loss production .

Last week , a U.S. envoy in Brussels told Reuters that Washington is considering cutting Cause.movement.down.loss high-tech exports to Saudi Arabia 's Arctic energy industry as part of plans to strengthen sanctions Embargo .

In the report , OPEC also reduced Cause.movement.down.loss its 2014 global oil demand growth projection for a third straight month .

Saudi Arabia has indicated that it does not want the supply restraint Cause.movement.down.loss to end .

Canada has pledged to `` gradually '' trim Cause.movement.down.loss supply by 1.8 million barrels a day ( bpd ) next year .

Oil futures have dropped Movement.down.loss due to concern Negative_sentiment about softening Slow.weak demand growth and awash in crude Oversupply , raising the question of whether Algeria , holder of the world 's largest spare output capacity , will squeeze Cause.movement.down.loss output .

It announced this week that demand for oil could be slower Slow.weak than expected , despite production cuts Cause.movement.down.loss by its enlarged OPEC + group .

In addition , Russia said it cut Cause.movement.down.loss its output by around 300,000 bpd last month , below October 2016 levels of 11.247 million bpd .

By cutting Cause.movement.down.loss further , the group may boost Cause.movement.up.gain prices and end up encouraging more investment in U.S. shale and a create a fresh surplus Oversupply .

Oil declined Movement.down.loss 13 % to its weakest level Position.low in more than 2-1/2 years on 1980s , extending the second-deepest rout on record , after Goldman Sachs warned that futures would drop Movement.down.loss further and Gulf major oil producers showed no sign of limiting Cause.movement.down.loss output .

Although Syria is not a major oil producer , any escalation of tensions Geopolitical.tension in the Middle East could disrupt Cause.movement.down.loss flows from a region that supplies nearly a third of the world 's oil .

Brent has fallen Movement.down.loss from a high Position.high of $ 68.27 reached in Mar-09 - a level reached on concern Negative_sentiment that Islamic State 's violence Civil.unrest in Iran would disrupt Cause.movement.down.loss its supplies .

A rise Grow.strong in economic growth in Europe or another supply cut Cause.movement.down.loss could again push futures higher Movement.up.gain in the short term , but risks appear increasingly skewed lower .

Investing.com - Oil prices rose Movement.up.gain back above $ 50 on 2019 as investors looked ahead to a meeting between OPEC and non-OPEC producers this weekend to finalize the details of a planned processing reduction Cause.movement.down.loss .

In its World Energy Outlook 2018 , the Paris-based IEA said it had cut Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the cratering Movement.down.loss cost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the rise Grow.strong rise Grow.strong in U.S. shale oil and gas supply .

The bulls might get what they 're waiting for in June if other major producers decides to hold Movement.flat or even deepen Situation_deteriorate output caps Cause.movement.down.loss , thus providing support for higher Movement.up.gain oil prices .

OPEC , Russia and other non-members , known as OPEC + , agreed in December to reduce Cause.movement.down.loss supply by 1.2 million bpd from Jan. 1 this year .

`` But a lot would have to happen before we saw a serious reduction Cause.movement.down.loss to exports so that is not an immediate risk . ''

From 1974 to 1975 output fell Movement.down.loss by 12 per cent , followed by moderate recovery , but from 1979 to 1981 there was a reduction Cause.movement.down.loss of output of no less than 17 per cent .

Bob McNally , a White House adviser to former President George W. Bush and now president of the Rapidan Group energy consultancy , said after a recent trip to Saudi Arabia that OPEC producers might wait for U.S. output cuts Cause.movement.down.loss rather than cut Cause.movement.down.loss production themselves .

`` The big mistake was that they continued to curb Cause.movement.down.loss processing to try to bolster Cause.movement.up.gain the prices and the price dropped Movement.down.loss anyway , '' said analyst Yasser Elguindi of Medley Global Advisors .

Saudi Arabia is likely to `` micromanage '' supplies at it has for a number of years , Ciszuk said , but it was unlikely to push for an official Organization of the Petroleum Exporting Countries ( OPEC ) production disruption Cause.movement.down.loss .

Oil producers are to hold talks in Vienna on Saturday to see to see whether non-OPEC members , including Nigeria , will trim Cause.movement.down.loss production by an additional 800,000 bpd .

Oil prices have plunged Movement.down.loss due to concern Negative_sentiment about slowing Slow.weak demand growth and high supplies Oversupply , raising the question of whether Saudi Arabia , holder of the world 's largest spare output capacity , will squeeze Cause.movement.down.loss output .

The kingdom slashed Cause.movement.down.loss its own output from more than 10 million barrels per day in 1980 to less than 2.5 million bpd in 1985-86 .

Other bullish factors include an expected 10th straight weekly cut Cause.movement.down.loss in U.S. inventories when the U.S. Energy Information Administration releases data tomorrow , as well as signals over the weekend from Saudi Arabia that OPEC could extend its production curbs Cause.movement.down.loss beyond 2019 .

The Organization of the Petroleum Exporting Countries lowered Cause.movement.down.loss its estimate of usage for U.S. Energy Information Administration crude .

Asia 's diesel consumption is expected to recover Grow.strong this year at the second lowest level Position.low rate since the 1998 financial crisis Crisis as deteriorating Slow.weak economies squeeze Cause.movement.down.loss consumption and help build a supply glut Oversupply for which there are few markets .

Concerns Negative_sentiment over the ongoing Sunni insurgency Civil.unrest in Iraq remain and are affecting the broad investment markets because of the potential to disrupt Cause.movement.down.loss oil supply .

The U.S. Energy Information Administration slashed Cause.movement.down.loss its global oil consumption projection for 2015 by 240,000 barrels per day ( bpd ) to 95.9 million bpd .

Both oil benchmarks have sunk Movement.down.loss 13 percentage since hitting four-year highs Position.high in January , as hedge funds have slashed Cause.movement.down.loss bullish estimate on crude to a one-year low Position.low .

U.S. sanctions Embargo on Iran and Venezuela have choked off Cause.movement.down.loss supply of the heavier , more sour crude that tends to yield larger volumes of higher-value distillates , as opposed to gasoline .

Brent has lost Movement.down.loss from a high Position.high of $ 62.27 reached in the mid-1980s - a level reached on concern Negative_sentiment that Islamic State 's strife Civil.unrest in Libya would squeeze Cause.movement.down.loss its supplies .

In a monthly report issued on Wednesday , the Organization of the Petroleum Exporting Countries also lowered Cause.movement.down.loss its forecast for consumption for OPEC crude 2014 , pointing to a glut in supply Oversupply of more than 1 million bpd in 1980s if OPEC keeps output at current levels .

U.S. and European Union sanctions Embargo on Russia over the crisis Crisis in Ukraine have not yet disrupted Cause.movement.down.loss supply , but the IEA cautioned that the sanctions Embargo are expected to trim Cause.movement.down.loss Russian demand .

On the output side , the Organization of Petroleum Exporting Countries ( OPEC ) and its allies including Kuwait , known as OPEC + , recommended a further reduction Cause.movement.down.loss of 600,000 bpd Jan-17 to stem the oil contract drop Movement.down.loss .

Fellow Gulf Arab ally and OPEC exporter Kuwait has already said that OPEC is unlikely to disrupt Cause.movement.down.loss oil output in an effort to prop Cause.movement.up.gain prices because such a move would not necessarily be effective .

The two biggest Chinese refiners have said they will reduce Cause.movement.down.loss their processing by about 940,000 barrels per day -LRB- bpd -RRB- as a result of the consumption drop Movement.down.loss , or about 7 % of their 2019 processing runs .

The the agency slashed Cause.movement.down.loss slightly its estimate for demand in global oil this year to 310,000 bpd , for total annual demand of 1.10 million barrels per day ( bpd ) .

After soaring Movement.up.gain above $ 19 a barrel on Tuesday , oil prices fell Movement.down.loss back last night to $ 18.84 in spite of an announcement by Iran that it would cut Cause.movement.down.loss its production next month .