The actual supply cut Cause.movement.down.loss is more than 2.5 million bpd , according to OPEC figures , because top exporter Saudi Arabia has voluntary reduced Cause.movement.down.loss supply by more than the deal requires and because of U.S. sanctions Embargo on two OPEC founder members Venezuela and Iran .

The actual supply cut Cause.movement.down.loss is more than 2.5 million bpd , according to OPEC figures , because top exporter Saudi Arabia has voluntary reduced Cause.movement.down.loss supply by more than the deal requires and because of U.S. sanctions Embargo on two OPEC founder members Venezuela and Iran .

In its World Energy Outlook 2018 , the Paris-based IEA said it had reduced Cause.movement.down.loss its longer-term oil price forecast from Wednesday , 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 spurt Grow.strong spurt Grow.strong in U.S. shale oil and gas supply .

International Monetary Fund reduced Cause.movement.down.loss 2019 's growth bets by 800,000 bpd .

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 reduced Cause.movement.down.loss its oil output in August by 400,000 barrels per day -LRB- bpd -RRB- , a cutback Cause.movement.down.loss coinciding with a drop Movement.down.loss in oil prices toward the kingdom 's preferred level of $ 100 a barrel .

The IMF earlier said it reduced Cause.movement.down.loss its 2018 global economic growth forecast to 3.30 % , down Movement.down.loss from a July forecast of 4.10 % , while the multilateral lending institution 's August growth forecast dropped Movement.down.loss to little more than 20 percent from 4.10 % .

Western sanctions Embargo on Iran and turmoil Civil.unrest in several other oil producers have also reduced Cause.movement.down.loss supply , pushing oil prices towards the top of recent ranges .

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

OPEC 's oil production rose Movement.up.gain in July from June , a Reuters survey found on Wednesday , as a fragile recovery Grow.strong in Libyan supply outweighed fighting Civil.unrest in Iraq and reduced Cause.movement.down.loss output from Angola .

Western sanctions Embargo on Iran and turmoil Civil.unrest in several other oil producers have also reduced Cause.movement.down.loss supply , pushing oil prices towards the top Movement.up.gain of recent ranges .

Energy Information Administration ( EIA ) also reduced Cause.movement.down.loss its estimate for demand growth for OPEC crude , production of which Opec has pledged to trim Cause.movement.down.loss by 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 reduced Cause.movement.down.loss its global oil demand growth estimate for 2015 by 1.2 million bpd ( bpd ) to 1.10 million barrels per day ( bpd ) .

Investing.com - Oil futures dipped Movement.down.loss in January after the OPEC reduced Cause.movement.down.loss its global growth bets for 2019 , which spooked investors with fears that a weaker Slow.weak global economy will demand lower Movement.down.loss fuels and oil than once anticipated .

The IMF earlier said it reduced Cause.movement.down.loss its 2013 global economic growth forecast to 3.30 % , down Movement.down.loss from a January projection of 4.10 % , while the multilateral lending institution 's Wednesday growth forecast slipped Movement.down.loss to 15 percent from 4.10 % .

Both oil benchmarks have slid Movement.down.loss 3.3 percent since hitting four-year highs Position.high in the 2020s , as hedge funds have reduced Cause.movement.down.loss bullish bets on crude to a one-year low Position.low .

The the agency reduced Cause.movement.down.loss slightly 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 reduced Cause.movement.down.loss its longer-term oil price forecast from Wednesday , partly because of the dropping 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 production .

OPEC reduced Cause.movement.down.loss next year 's growth forecast by 800,000 bpd .

The OPEC reduced Cause.movement.down.loss its global oil consumption projection for 2015 by 310,000 bpd ( bpd ) to 880,000 bpd .

`` But maybe the crude burning has come down Movement.down.loss a bit and I 'm skeptical that they have reduced Cause.movement.down.loss exports by as much as 400,000 bpd . ''

The IMF earlier said it reduced Cause.movement.down.loss its 2019 global economic growth forecast to 3.30 % , down Movement.down.loss from a last week projection of 3.50 % , while the multilateral lending institution 's the next quarter growth forecast slipped Movement.down.loss to 1 percent from 3.50 % .

Western sanctions Embargo on Iran and turmoil Civil.unrest in several other oil producers have also reduced Cause.movement.down.loss supply , pushing oil prices towards the top of recent ranges .