Companies NK Rosneft' PAO FollowJune 19 (Reuters) - Oil prices fell on Monday as questions over China's economy outweighed OPEC+ output cuts and the seventh straight drop in the number of oil and gas rigs operating in the United States.
"(China's) economy is navigating through powerful headwinds," said PVM oil analyst Tamas Varga.
In recent weeks global road traffic has been declining, said Jorge Leon, Rystad Energy's senior vice president, which may also point to slowing growth and drag on oil prices.
Iran's crude exports and oil output have hit record highs in 2023 despite U.S. sanctions, according to consultants, shipping data and a source close to the matter, adding to global supply when other producers are limiting output.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia this month agreed on a new oil output deal and the group's biggest producer, Saudi Arabia, also pledged to make a deep cut to its output in July.
Persons:
Brent, Tamas Varga, Jorge Leon, Rystad Energy's, Leon, Nia Williams, Ahmad Ghaddar, Katya Golubkova, Emily Chow, David Goodman, Kirsten Donovan
Organizations:
NK Rosneft, West Texas, of, Petroleum, Thomson
Locations:
United States, U.S, China, Europe, Russia, Saudi Arabia, British Columbia, London, Tokyo, Singapore