A worker checks the valve of an oil pipe at the Lukoil company owned Imilorskoye oil field outside the West Siberian city of Kogalym, Russia, January 25, 2016. REUTERS/Sergei Karpukhin
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The wind changed again in a stormy oil market as OPEC signaled it will consider a return to cutting output next year, potentially making the second production U-turn this year.Earlier in the summer, prices began to surge as the risk of production shortfalls from sanctions on Iran and Venezuela's economic collapse rattled the market. Losses from those two OPEC members threatened the biggest supply disruption since the start of the decade and Brent crude eventually peaked above $86 a barrel last month.The kingdom has lifted output close to record levels, while Libya is pumping the most in five years.Crude prices already reflect a much weaker outlook for 2019 .U.S. sanctions could end up squeezing Iranian output so much that other producers won't need to cut.
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