After surging Movement.up.gain nearly $ 150 a barrel on June , oil prices declined Movement.down.loss back Monday to $ 18 in spite of an announcement by Iran that it would reduce Cause.movement.down.loss its output next year .

Now , either OPEC agrees to put a floor under prices in the short-term , or a prolonged period of lower Movement.down.loss prices starts to reduce Movement.down.loss long-term investment or prop Cause.movement.up.gain demand growth , he says .

The group also refused last week to reduce Cause.movement.down.loss processing to revive Cause.movement.up.gain prices , sending Brent crude prices to a five-year low Position.low this week .

The Trump administration has not specified how much oil imports to cut Cause.movement.down.loss , but in 2012 the administration of former President Barack Obama pushed countries to reduce Cause.movement.down.loss imports about 18 percent .

The departure of Abadi 's predecessor Nuri al-Maliki and a successful formation of a unity government able to confront insurgents in Iraq would reduce Cause.movement.down.loss supply disruption Cause.movement.down.loss fears and be bearish Slow.weak for oil , brokers and traders said .

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 .

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 .

Now , either OPEC agrees to put a floor under prices in the short-term , or a prolonged period of lower Movement.down.loss prices starts to reduce Movement.down.loss long-term investment or ramp up Cause.movement.up.gain demand , he says .

Russia has pledged to `` gradually '' reduce Cause.movement.down.loss production by 300,000 bpd next year .

Brent has slid Movement.down.loss from a high Position.high of $ 62.27 reached in June - a level reached on concern Negative_sentiment that Islamic State 's strife Civil.unrest in Iraq would reduce Cause.movement.down.loss its supplies .

Organization of the Petroleum Exporting Countries also slashed Cause.movement.down.loss its projection for usage for OPEC crude , supply of which OPEC has pledged to reduce Cause.movement.down.loss by 600,000 bpd August as part of an agreement with Russia and other non-OPEC producers such as Oman and Kazakhstan .

The sanctions Embargo are aimed at forcing companies and countries around the world to reduce Cause.movement.down.loss oil imports from the Islamic Republic .

Pictet Wealth Management 's Jean-Pierre Durante agreed with Nysveen 's assessment of the situation , commenting in a Wednesday note that the `` world is overflowing in oil '' despite a recent decision by the Organization of the Petroleum Exporting Countries ( OPEC ) and its allies -- known collectively as OPEC + -- to reduce Cause.movement.down.loss oil supply .

After surging Movement.up.gain $ 112 a barrel on Friday , oil prices declined Movement.down.loss back last night to $ 18.84 in spite of an announcement by Iran that it would reduce Cause.movement.down.loss its production last month .

Oil futures added Movement.up.gain sharply on Tuesday with Brent crude surging Movement.up.gain above $ 112 for the first time since March on concerns Negative_sentiment that insurgency Civil.unrest in Libya could reduce Cause.movement.down.loss supplies .

Brent has lost Movement.down.loss from a high Position.high of $ 68.27 reached in early March - a level reached on concern Negative_sentiment that Islamic State 's revolution Civil.unrest in Libya would reduce Cause.movement.down.loss its supplies .

However , this is expected to reduce Cause.movement.down.loss only 2.5 million barrels per day ( bpd ) , or about 2 percent , off global oil demand by 2014 .

Pictet Wealth Management 's Jean-Pierre Durante agreed with Nysveen 's assessment of the situation , commenting in a Wednesday note that the `` world is overflowing in oil '' despite a recent decision by the the group and its allies -- known collectively as OPEC + -- to reduce Cause.movement.down.loss oil processing .

However , this is expected to reduce Cause.movement.down.loss only 2.5 million barrels per day ( bpd ) , or about 2 percent , off global oil usage by this year .

Asia 's diesel demand is expected to recover Grow.strong this year at the second lowest level Position.low rate since the 2014/15 financial crisis Crisis as softening Slow.weak economies reduce Cause.movement.down.loss usage and help build a glut Oversupply for which there are few markets .

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

`` OPEC as a group is very unlikely to reduce Cause.movement.down.loss as we believe there to be too many internal issues to allow for a swift and coordinated reaction , '' JBC said .