is more than 2.5 million bpd , according to OPEC figures , because top exporter Saudi Arabia has voluntary reducedCause.movement.down.losssupply by more than the deal requires and because of U.S. sanctionsEmbargoon two OPEC founder members Venezuela and Iran .
The actual supply cutCause.movement.down.lossis more than 2.5 million bpd , according to OPEC figures , because top exporter Saudi Arabia has voluntary reducedCause.movement.down.losssupply by more than the deal requires and because of U.S. sanctionsEmbargoon two OPEC founder members Venezuela and Iran .
In its World Energy Outlook 2018 , the Paris-based IEA said it had reducedCause.movement.down.lossits longer-term oil price forecast from Wednesday , partly because of the decliningMovement.down.losscost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the spurtGrow.strongspurtGrow.strongin U.S. shale oil and gas supply .
https://www.reuters.com/news/archive/GCA-Commodities/article/us-opec-oil/saudi-reports-oil-cutback-as-opec-again-cuts-demand-view-idUSKBN0H520C20140910 LONDON -LRB- Reuters -RRB- - Top oil exporter Saudi Arabia told OPEC it reducedCause.movement.down.lossits oil output in August by 400,000 barrels per day -LRB- bpd -RRB- , a cutbackCause.movement.down.losscoinciding with a dropMovement.down.lossin oil prices toward the kingdom 's preferred level of $ 100 a barrel .
Energy Information Administration ( EIA ) also reducedCause.movement.down.lossits estimate for demand growth for OPEC crude , production of which Opec has pledged to trimCause.movement.down.lossby 1.2 million barrels per dayd next month as part of an agreement with Russia and other non-OPEC producers such as Oman and Kazakhstan .
The U.S. Energy Information Administration reducedCause.movement.down.lossits global oil demand growth estimate for 2015 by 1.2 million bpd ( bpd ) to 1.10 million barrels per day ( bpd ) .
The the agency reducedCause.movement.down.lossslightly its forecast for usage in global oil 2014 to 1.2 million bpd , for total annual demand of 95.9 million bpd .
In its World Energy Outlook 2018 , the Paris-based IEA said it had reducedCause.movement.down.lossits longer-term oil price forecast from Wednesday , partly because of the droppingMovement.down.losscost of both renewable and conventional sources of energy , the worldwide push to tackle climate change and improve air quality and the riseGrow.strongriseGrow.strongin U.S. shale oil and gas production .