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These output losses follow a move by the Organization of the Petroleum Exporting Countries and other oil producers last week to increase supply by around 1 million barrels per day (bpd).

Using the chart Morgan Stanley has created called the "global oil burden", which measures global oil consumption as a percent of GDP, this indicates that oil prices will have to materially surpass the previous highs in 2011-14 (blue line) in order to start severely dampening oil demand.

Tales of OPEC's death have been exaggerated.

Crude oil was trading higher by 0.83 per cent at Rs 4,855 per barrel in futures market today as speculators created fresh bets, taking positive cues from Asian markets.

Iran's seaborne crude exports fell to about 1.93 million bpd in June from 2.38 mln bpd in May and 2.58 mln bpd in April, based on Thomson Reuters data.

OPEC and it's non-OPEC allies met last week to review a pact to cut their combined output by 1.8 million bpd that was put into place at the beginning of 2017.

"Considering significant future supply losses faced by Iran (under USA sanctions) and supply risks in Venezuela and Libya. oil fundamentals still remain favorable for oil prices to rise over the next 6 months despite the OPEC+ decision", BNP said.

Belgium's Michy Batshuayi left to rue painful goal celebration
Naturally with football in the modern day, fans, ex-professionals and journalists watching on screen were quick to mock Batshuayi. The 24-year-old picked the ball up after it came out of the net and attempted to hoof it back into the net to show his joy.

Stability in an agreement like what came from OPEC and Russian Federation in 2016 is often tenuous. When prices rise, participants have incentives to defect and claim more money by increasing output. Yet instead OPEC was over-compliant and managed to keep under proposed production caps. Some reports have suggested the U.S. requested an extra 1 million b/d of supply, which is the amount of Iranian production some analysts say sanctions could shut in. How did OPEC manage to succeed in this?

What Prompted OPEC to Boost Output?

"It's much easier to see prices jumping $10-$15 a barrel than falling by that amount", Horsnell said.

However, while Trump's move attracted the usual share of criticism, Gene McGillian, vice president of market research at Tradition Energy, conceded that while "what the effect is going to be [will] be the hard thing to measure, it could point to more demand for US oil".

"Seven hundred thousand barrels a day is what they are going to, and we need about a million", he said. Not to mention other crises in oil producing nations, such as Nigeria.

OPEC meets later Saturday in Vienna with its 10 non-OPEC partners in the deal to finalize the deal.

The lesson of the latest OPEC agreement is that the United States is not yet comfortably "energy secure". Zanganeh said OPEC should not be in the business of caving in to United States demands, and blamed the sanctions for the recent price rise. Americans still care about OPEC because they still control enough of market production to influence prices.