Lower OPEC shipments unlikely to point to voluntary supply cut

The supply risks in oil market are associated with the hurricane season, though it seems doubtful whether this will be sufficient to prevent a further decline in oil prices. 

The renewed slump in Caixin's Purchasing Managers' Index for the manufacturing sector in China in August is likely to increase concerns about demand among market participants, especially since the oil market is significantly oversupplied. 

According to consultant firm Oil Movements, OPEC will supply 420,000 fewer barrels of crude oil per day in the four weeks to 5 September than it did in the preceding four weeks. 

"That said, this is more likely to be attributable to seasonally lower demand in Asia than to any voluntary reduction of supply", says Commerzbank.