* Outlook for global economy, oil demand darkens
* U.S. oil industry seen benefiting from Trump victory
* Revival of Iran oil investments uncertain due to Trump
By Maha El Dahan , Rania El Gamal and Dmitry Zhdannikov
DUBAI/LONDON, Nov 9 (Reuters) - OPEC's job of trying to propup oil prices has just got much harder.
With Donald Trump winning the U.S. presidential election,the 14-country oil-producing cartel may have to battle a soureroutlook for the global economy and weaker demand for crude.
It also faces the prospect of increased U.S. oil output - amajor bugbear for the Organization of the Petroleum ExportingCountries - given Trump's pledge to open all federal land andwaters for fossil fuel exploration.
OPEC's internal dynamic could change, with Trump promisingto tighten policies on Iran just as oil companies begin slowlyto return to the Islamic Republic.
"Buckle up your seatbelts for a more turbulent and uncertainglobal economy that is ahead," Pulitzer Prize-winning U.S. oilhistorian Daniel Yergin, vice-chairman of the IHS Markit thinktank, told Reuters.
"The outcome of the U.S. election adds to the challenges forthe oil exporters because it will likely lead to weaker economicgrowth in an already fragile global economy. And that meansadditional pressure on oil demand," Yergin said.
Oil prices fell almost 4 percent early on Wednesday butrecovered to trade up slightly at around $46 per barrel by 1055GMT.
OPEC will meet on Nov. 30 in an effort to curtail output andreduce the global oil glut that has seen prices more than halvesince 2014.
OPEC sources said they expected oil to remain weak in thedays and weeks ahead due to worries about the global economy anduncertainty about Trump's policies for the Middle East.
"Oil is doomed," one of the sources said.
A second source said the OPEC meeting in November might failto have a strong impact on prices even if it strikes a deal tolimit output: "I don't think prices will go up much more thanthe current levels."
Trump has promised to double U.S. economic growth but alsopledged protectionist trade policies.
"This will have huge negative implications for Asia, givenhow much their GDP is tied to trade with the U.S. Hence it isnegative for growth and oil demand, at least due to theuncertainty that Trump creates," said Amrita Sen, of the thinktank Energy Aspects.
Trump's energy policies have been limited in detail so far.
But what he has said will be seen as supportive for theshare prices of U.S. independent oil and gas producers as wellas oil majors with large exposure to the U.S. shale industrysuch as Chevron, ExxonMobil and Shell.
"Trump has vowed to lead a fossil-fuel revival to underpinjob growth and has also put man-made climate change denial atthe forefront of his energy policy," JBC Energy analysts said ina note.
Trump said he was in favour of removing oil-sectorregulations, opening federal land to drilling, and vowed torevive a major trans-Canadian and trans-U.S. oil pipelineproject while pledging to support the coal industry.
The stocks of oil majors BP and Shell were down inline with the price of crude, while France's Total underperformed peers.
Earlier this week, Total signed a deal with Iran to help itdevelop a huge gas field, becoming the first Western energycompany to ink a major deal with Tehran since the lifting ofinternational sanctions this year.
Trump has criticised the West's nuclear deal with Iran,adding to uncertainty and frustrating Tehran's push for foreigninvestment to revive its economy.
An executive from an oil major negotiating with Iran saidthat given Tehran wanted to repay investments slowly, maybe overfive to 10 years, many oil firms would take a slow approach infinalising deals until Trump's policies became clearer.
"It is a significant amount of money that will be put atrisk should sanctions be brought back," the executive said.
(Writing by Dmitry Zhdannikov; Editing by Dale Hudson)
