Nov 7 (Reuters) - Solar products producer ReneSola Ltd cut its third-quarter shipment, sales and margin outlook, saying weak demand and industry oversupply continued to affect its business.

The China-based company expects the challenging conditions in the global solar market to continue till the first quarter of next year.

For the third quarter, solar wafer and module shipments are expected to be in the range of 320-330 megawatts (MW), compared with 330-350 MW previously.

The company lowered its revenue forecast to $185-$195 million, from $220-$240 million.

Gross profit margin is expected to be 5.5-6.5 percent.