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Watch: Market Movers Europe, Sep 2-6: Oil and carbon conferences set the tone for commodities in September

In this week's highlights: Asian leaders will be discussing importing oil from Russia with President Vladimir Putin; Carbon capture and storage comes under scrutiny in Oslo; and new guidance on output from the earthquake-prone Groningen gas field is expected from the Dutch government.

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In this week's highlights: Asian leaders will be discussing importing oil from Russia with President Vladimir Putin; Carbon capture and storage comes under scrutiny in Oslo; and new guidance on output from the earthquake-prone Groningen gas field is expected from the Dutch government.

But first, the oil market is bracing for turbulence as Hurricane Dorian hits the Southeastern US, and the US-China trade dispute continues.

Yesterday, a 15% US tariff on more than $125 billion of goods from China kicked in.

Meanwhile, China imposed additional tariffs on some US goods, including a 5% levy on crude oil cargoes.

In contrast, calm is likely to prevail in Aberdeen, where the North Sea oil industry will hold its biggest gathering of the year - Offshore Europe - from Tuesday.

The conference is expected to exude confidence in the ageing oil province.

Industry heavyweights such as Total CEO Patrick Pouyanne will discuss new fields bolstering output, including the giant Johan Sverdup oil field offshore Norway.

Last week it was announced that the field will start up in October, a month earlier than planned.

It is set to become the largest producing oil field in the North Sea by mid-2020.

In the UK, industry group Oil & Gas UK should match the sentiment in Aberdeen in its annual economic report due on Wednesday.

Second-quarter data shows continued recovery in oil output due to recent field developments, such as Clair Ridge and Catcher.

However, Brexit could churn up the waters and we will see whether the industry maintains what has been a fairly low-key stance.

Moving away from the North Sea, Russian oil output data for August will be published Wednesday.

The data will come out on the same day as President Vladimir Putin hosts the Eastern Economic Forum in Vladivostok.

With Indian Prime Minister Narendra Modi and Japanese Prime Minister Shinzo Abe in attendance, Russian oil exports to Asia are bound to be on the agenda.

In downstream petrochemical markets, the focus this week will be on the changing outlook for September.

Expectations had been for supply to tighten in September in olefin and derivative markets, due to a spate of planned and unplanned maintenance across Europe as the third quarter approaches.

However, the fall in the upstream crude market and a slowdown in demand have left downstream markets cautious and olefin markets caught in the middle.

That brings us to our social media question: What do you think will drive petrochemical markets in September? Tweet us your replies using the hashtag #PlattsMM.

A high-level meeting on carbon capture and storage in Oslo on Thursday will be looking further ahead, than September.

The European Commission along with the Norwegian government are hosting the event, which aims to assess the role of CCS in the EU's strategic, long-term vision for a carbon-neutral economy.

Despite repeated failures to support demonstration in the power sector, the EC still sees a vital role for CCS in energy-intensive industrial processes and in the transitional phase for producing carbon-free hydrogen.

The Dutch economy ministry is expected to shed light on future production limits on the giant onshore Groningen gas field.

The ministry should publish the results of work by Dutch gas grid operator Gasunie into the feasibility of lowering the production quota from the field for the next gas year, which starts on October 1st.

The quota was provisionally set at 15.9 Billion cubic meters - a big drop from the current level of 19.4.

But it could be lowered to as little as 12.

As you can see from the chart, output from the field has been dropping more rapidly as the quotas have been cut.

A much lower quota for Groningen will make the Netherlands and other parts of Northwest Europe more dependent on imports as soon as the new gas year starts.

The economy ministry does not just have to take into account the feasibility of a lower Groningen quota - it also has to weigh the economic and social impact of less domestically-produced gas against the risk of earthquakes caused by drilling at the field.

That's it for now.

Thanks for kicking off your Monday with us, and have a great week ahead.