Brent crude prices LCOc1 fell 92 cents to $47.40 a barrel by 0910 GMT (05:10 a.m. EDT), while U.S. West Texas Intermediate futures CLc1 declined by $1.03 to $45.26 a barrel.

Energy Minister Alexander Novak told in July that oil production was expected to reach 542-544 million tonnes this year (10.85-10.90 million barrels per day), up from about 534 million tonnes in 2015.

China pumped 16.45 million tonnes (3.87 million barrels per day) of crude in August, the least since December 2009 on a daily basis and the second month of sharp decline.

The producer cartel revised higher for this year and next oil supply forecasts from non-member countries, implying that demand for its crude will remain far lower than current near record output of more than 33m barrels a day.

Production from outside the Organization of Petroleum Exporting Countries will grow by 200,000 barrels a day next year, according to the group, which a month ago had projected a drop of 150,000 a day.

U.S. oil production down 61 tbd, gas production doun 302 mcfd.

U.S. Rig Count is down 340 rigs from last year's count of 848, with oil rigs down 238, gas rigs down 104, and miscellaneous rigs up 2. Canadian Rig Count is down 51 rigs from last year's count of 185, with oil rigs up 4, gas rigs down 56, and miscellaneous rigs up 1.

London Brent crude for November delivery was down 58 cents at $49.41 a barrel as of 0647 GMT after rising above $50 for the first time in two weeks and settling up $2.01, or 4.2 percent, on Thursday. NYMEX crude for October delivery was down 51 cents at $47.11.

Iran has told OPEC it pumped 3.63 million barrels of oil per day (bpd) in August, up 10,000 bpd from July, an OPEC source said, marking a slowdown in the rapid growth that followed the lifting of Western sanctions in January.

The decline in earnings was driven largely by the decline in crack spreads (the price difference between crude oil and petroleum products) in the second quarter. In addition to changes in crack spreads, which serve as an indicator of refinery profits, earnings per barrel reflect transportation costs and other operating expenses. Also, refiners use different crude oil blends and produce different yields of refined products, which changes the per barrel earnings among refiners.