Oil prices drop after IMF's review of global economic growth

Oil prices drop after IMF's review of global economic growth

Factors beyond producers’ control are impacting oil market – OPEC

Brent for December settlement was 97 cents lower at $82.12 a barrel on the London-based ICE Futures Europe exchange, after falling $1.91 on Wednesday.

Russian Federation achieved a new post-Soviet oil production record in September with 11.54 million barrels per day on average.

"The U.S. government's tough stance raised the stakes for a more significant Iran export loss than previously foreseen", said Norbert Ruecker, head of macro and commodity research at Swiss bank Julius Baer.

Still, OPEC's monthly oil market report provided some reasons to question the sustainability of the rally in crude futures to four-year highs last week.

Between April and September, the first half of India's financial year, the country's oil imports from Iran surged 40 percent to 627,000 bpd, tanker arrival data showed.

Companies turned off daily production of about 670,800 barrels of oil and 726 million cubic feet of natural gas by midday on Tuesday, according to offshore regulator the Bureau of Safety and Environmental Enforcement (BSEE).

Saudi Arabia, the world's biggest oil exporter, will supply Indian buyers with an additional 4 million barrels of crude oil in November, several sources familiar with the matter said.

Energy hungry India now imports more than 82 percent of crude oil for its domestic requirement and about 62 percent of its (Indian) oil imports come from Saudi Arabia and other middle eastern countries like Iran, Iraq and Kuwait.

On Tuesday, the American Petroleum Institute reported a 9.75 million-barrel increase in USA crude supply during the week ending October 5. However, oil market basics do not point out that this demand is apparent.

The South Asian nation was hoping to lift significantly higher volumes in the current fiscal year, after Tehran offered a discount on shipping and an extended credit period, before the USA decision on sanctions changed its plans.

The cartel also downgraded its global demand forecast for a third straight month amid concerns about the prospect of slowing economic activity around the world.

The American Petroleum Institute (API), an industry group, will release its data at 4:30 p.m. (2030 GMT), followed by the EIA's report on Thursday at 11 a.m. - both reports delayed a day by Monday's federal holiday. "We believe at least 1 million barrels per day (mmbpd) may be at risk unless sanction waivers and exemptions remove pressure to cut production further".

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