Global oil production hits a new record, led by U.S. and OPEC

Global oil production hits a new record, led by U.S. and OPEC

Output from OPEC member Iran in August hit its lowest level since July 2016, the IEA said, "as more buyers distanced themselves from Tehran ahead of looming United States sanctions", the report said.

Oil markets are also watching Hurricane Florence offshore the United States, amid surging demand for gasoline and diesel, although crude output will not be affected on the storm's current route, according to CNBC.

Russia, the United States and Saudi Arabia are the world's three biggest oil producers by far, meeting around a third of the world's nearly 100 million barrels per day (bpd) of daily crude consumption.

While analysts and market participants are estimating how much Iranian crude oil will come off the market with the US sanctions, signs have started to emerge that Iran's refined oil products and condensate flows are also being disrupted, according to an S&P Global Platts analysis, citing trade and market sources and trade flow data.

West Texas Intermediate (WTI) for October delivery traded at $69.12 a barrel on the New York Mercantile Exchange, down $1.25, at 9:52 a.m.in London.

In its monthly report, the cartel said total oil demand for 2018 is estimated at 98.82 million barrels a day.

Since the spring, when the Trump Administration said it would impose the sanctions, traders have been focusing on the potential impact on global supply. India, along with some other countries, has sought "waivers" from Washington that would allow them to continue to import Iranian oil and avoid retaliation from the us for a certain period of time.

If Iran can get its oil to a friendly port, it could be blended with oil from elsewhere and resold, said Thijs Van de Graaf, assistant professor for global politics at the University of Ghent.

The Indian media outlet reports that Wells said the sanctions that come into force on 4 November were created to bring Tehran to book and non penalize India, which meets 83% of its crude oil requirements from outside.

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Gordon Gray, HSBC's global head of oil and gas equity research, told CNBC: "While we aren't explicitly forecasting Brent to rise to $100 a barrel, we see real risks of this happening".

Brent crude oil fell $1.56, or 2 per cent, to settle at $78.18 per barrel.

U.S. Midwest crude oil inventories fell to 105.9 million barrels last week, the lowest weekly level since January 2015, EIA data showed.

On a quarterly basis, the EIA now predicts ethanol production will average 1.06 million barrels per day during the third quarter of 2018, falling to 1.04 million barrels per day during the fourth quarter of the year. The US has stepped up pressure on buyers to halt Iranian energy imports from November.

Japan and South Korea were among the first major Iranian clients to bow to USA pressure and cut orders from Iran, the third-largest producer among the Organization of the Petroleum Exporting Countries, with South Korea importing its last cargoes in July, the trade data showed.

"Second-largest producer Iraq boosted its output 90,000 bpd to 4.65 million bpd".

Should markets overheat and prices spike, however, Novak said Russian Federation could increase its output.

The IEA reported that global oil demand growth for 2018 and 2019 are unchanged, remaining at 1.4 million bpd and 1.5 million bpd, respectively.

U.S. crude stocks C-STK-T-EIA fell 5.3 million barrels in the week to September 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the U.S. Energy Information Administration (EIA) said on Wednesday.

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