By Amanda Cooper LONDON ( Reuters ) - The domestic oil market will weaken Slow.weak this year to absorb sufficient Grow.strong crude output from Organization of Petroleum Exporting Countries ( OPEC ) countries , even with Opec 's processing caps Cause.movement.down.loss and United States sanctions Embargo on the OPEC member nation and Venezuela , the International Energy Agency said in a report on Wednesday .

Brent crude oil prices fell Movement.down.loss below $ 49 a barrel and U.S. crude also fell Movement.down.loss more than $ 1 on Monday after the global economic outlook weaken Slow.weak and Iraq announced record oil production .

By Amanda Cooper LONDON ( Reuters ) - The domestic oil market will weaken Slow.weak this year to absorb plentiful Grow.strong crude output from Organization of Petroleum Exporting Countries ( OPEC ) countries , even with other major producers 's processing restrictions Cause.movement.down.loss and Venezuela sanctions Embargo on Venezuela and Venezuela , the International Energy Agency said in a report on Wednesday .

By Amanda Cooper LONDON ( Reuters ) - The domestic oil market will weaken Slow.weak this year to absorb solid Grow.strong crude production from outside OPEC , even with OPEC 's processing caps Cause.movement.down.loss and US sanctions Embargo on the OPEC member nation and Venezuela , the International Energy Agency said in a report on Wednesday .