In recent developments , the International Energy Agency -LRB- IEA -RRB- reported oil demand for the fourth quarter of 2018 was falling Movement.down.loss because of large dropouts in Asia and Europe plus slower Slow.weak growth in the US .

The gasoline output will rise Movement.up.gain to 18 percent , from 14 percent , while fuel oil will lose Movement.down.loss 13 percentage points , falling Movement.down.loss to 15 percent of refined products made in Russia .

However , he added , the exports could be squeezed Cause.movement.down.loss by falling Movement.down.loss oil futures and falling Movement.down.loss refining margins .

However , he added , the exports could be squeezed Cause.movement.down.loss by falling Movement.down.loss oil futures and falling Movement.down.loss refining margins .

`` At that point , the fundamental rebalancing could require oil prices falling Movement.down.loss to operational stress levels for high-cost producers with well-head cash costs near $ 20/bbl , '' it said .

Oil fell Movement.down.loss by the most since 1991 on Monday after Saudi Arabia started a price war trade.financial.tension with Russia by slashing Cause.movement.down.loss its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling Movement.down.loss demand because of the virus outbreak .

September Brent crude was down Movement.down.loss $ 1.46 at $ 103.22 per barrel at 1:32 p.m. , after falling Movement.down.loss to $ 102.65 , the lowest Position.low price since July 1 , 2013 .

Venezuelan oil production has been falling Movement.down.loss in the recent years , but was still around 1.7 million barrels per day in December .

With oil prices falling Movement.down.loss , the immediate economic incentive of getting Iranian barrels smoothly back to the world market is diminished , analysts say , allowing Western powers more leeway to drive a harder deal .

Meanwhile , data on Wednesday showed that activity in the U.S. services sector declined Movement.down.loss unexpectedly in July , falling Movement.down.loss to the lowest Position.low level since February 2010 , while new factory orders also fell Movement.down.loss in June .

This time around , Riyadh appears to be taking that stance from the start , with a focus on preserving the medium-term revenue of its 266 billion barrels of crude oil reserves rather than chase falling Movement.down.loss prices and sacrifice their market .

However , he added , the exports could be curbed Cause.movement.down.loss by falling Movement.down.loss oil prices and declining Movement.down.loss refining margins .

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 falling 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 boom Grow.strong boom Grow.strong in U.S. shale oil and gas output .

The fact that oil prices are falling Movement.down.loss despite continued turmoil Civil.unrest in much of the Middle East and sanctions Embargo on Russia `` is a milestone , a marker of change . ''

U.S. crude for September delivery rose Movement.up.gain 2 cents to $ 102.09 a barrel , after falling Movement.down.loss as low Position.low as $ 101 a barrel earlier in the session .

But Lagarde warned falling Movement.down.loss crude prices were hitting some oil exporters particularly hard , especially Russia , Iran , Venezuela and Nigeria , leaving their economies vulnerable Slow.weak .

As CNN Money reported : `` Venezuelan oil production has been falling Movement.down.loss fast since 2014 , but the country still pumped 1.7 million barrels a day in December , according to industry estimates . ''

Crude oil futures rose Movement.up.gain on Tuesday on signs of falling Movement.down.loss U.S. oil production , weakness Slow.weak in the dollar and tensions Geopolitical.tension in the Middle East , particularly Yemen .