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Oil markets stabilized on Friday but remained weak as rising supply and concerns of an economic slowdown pressured prices, with U.S. crude down by around 20 percent since early October.

The Saudis have, since the 1970s, been able to exert disproportionate influence on global oil prices by - along with other Opec producers - cutting production at various times.

Trump also appeared to hint that his administration may not tighten sanctions on Iran's oil exports if crude prices start rallying again, saying the measures will "maybe" get tougher.

"In the case of Saudi Arabia our regional analyst believes that fiscal deficit will continue to improve but they project the full year deficit at 3.3 percent with Brent assumed at $74/bbl in 2018", said the report. When they meet this weekend, the producers will have to contend with not only the threat of a glut, but also the risk to demand from faltering emerging-market economies and a trade war between the USA and China.

Oil, which closed at a seven-month low in NY on Tuesday, slipped further after an industry report was said to show a larger-than-expected increase in USA crude inventories. "Self-insured Iranian tankers engaging in unsafe behavior, with many tons of crude oil on board, is courting environmental and financial disaster".

Oil prices also fell on an abundance of oil stored in the United States.

"An analysis of crude export weighted fiscal breakeven price for major gulf economies (Iran, Iraq, Kuwait, Qatar, Saudi Arabia and UAE) suggests optimal price level of ~$70.6/bbl".

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Despite the well supplied market, Razaqzada warned that it would be "increasingly costly for inefficient producers to maintain output at current levels".

Zanganeh claimed the Trump administration may have been able to "superficially" bring fuel prices down ahead of the US mid-term elections this week but that there's bound to be a hike in prices in the future.

Oil prices ran up about $7 a barrel in the month before Trump announced he was abandoning a nuclear accord with Iran and restoring sanctions on the Islamic Republic.

Global benchmark Brent crude oil fell by 83 cents or 1.17 percent to $69.82 a barrel, while USA light crude futures were down 1.24 percent at $59.92 a barrel.

"Our main co-operation with Iran is upstream investment".

The bigger long term picture is that the United States has displaced Saudi Arabia as the world's most important "swing" producer of oil. "We have calibrated this very well".

"OPEC was feeling the Trump pressure but producers took action with the thinking that they just needed to get past the USA election", said Joe McMonigle, analyst at Hedgeye in Washington, in a note Wednesday.