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18 June 2017, 01:26 | Colleen Roy
The International Energy Agency mirrored OPEC's sentiments in its own monthly report, saying stronger US crude oil production, which could increase faster than expected, is offsetting OPEC's production aim.
The U.S. Energy Information Administration (EIA) said gasoline inventories increased by 2.1 million barrels during the week ended June 9, while crude inventories decreased by 1.7 million barrels. Total OPEC production for May was 32.1 million barrels per day, an increase of about 1 percent, or 336,000 barrels per day, from the previous month.
The bearish gasoline data overshadowed a 1.7 million-barrel drawdown in USA crude stocks, analysts said.
Oil fell yesterday after reports showed global supply was rising and United States crude inventories were still increasing, raising concerns the market could stay oversupplied for longer than expected.
Oil has slumped despite output cuts of 1.8 million barrels a day by the Organization of the Petroleum Exporting Countries and non-OPEC producers including Russian Federation.
That decline pushed both contracts to their lowest since May 5, driving them into technically oversold territory.
OPEC and 11 rival exporters including Russian Federation have agreed toextend an existing deal to limit supply by 1.8 million bpd toMarch 2018, in order to cut global inventory levels. Inventories were 292 million barrels higher than the average over the past five years, said the agency, which advises governments on energy trends. Meanwhile, gasoline stockpiles rose unexpectedly, compounding concerns about low demand for oil products amid an oversupplied market.
The Organisation of the Petroleum Exporting Countries agreed to extend that deal that began in January through March 2018, but ongoing growth in USA production, along with exemptions for non-members Nigeria and Libya, have offset those cuts to some extent.
The spot price of Dubai crude, the benchmark for Asia, fell 2.8% to a six-month low of about $45.70 a barrel on Thursday.
Since late last month, oil prices have dropped by more than 12%.
The International Energy Agency stated that it expects oil supplies to be higher than demand in the next year, despite a rise in global consumption.
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