"Although oil prices rebounded from five-month lows in (mid-May), following positive U.S. jobs data and assurances by Saudi Arabia that Russian Federation is ready to join OPEC in extending production adjustments to reduce a persistent supply glut", OPEC said in its monthly report Tuesday.
"This looks challenging", AB Bernstein said.The International Energy Agency (IEA) said this week that oil supplies next year would still outpace demand despite consumption hitting 100 million bpd for the first time.
OPEC's oil production jumped in May, despite the exporter group agreeing last month to extend its six-month deal to cap output into 2018.
The move is meant to drain the market of excess supply.
Oil held losses below $45 a barrel after sliding to the lowest in seven months as US gasoline supplies unexpectedly rose for a second week.
The increase in US gasoline inventories drove down RBOB futures by over 3%, tugging Brent and USA crude futures lower with them, analysts said.
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Both crude oil benchmarks have lost all the gains made at the end of previous year after the oil cartel agreed with other big producers to cut output in an effort to prop up prices. More than half this growth will come from the USA, which the IEA expects to increase production by 430,000 B/D in 2017 and 780,000 B/D in 2018. The IEA saidstocks were 292 million barrels above the five-year average.
"The revisions to non-OPEC supply growth have been much greater than the upward adjustments to world oil demand growth, accentuating the imbalance in the market", it said.
Oil has declined nearly 8 percent this month amid speculation that rising United States supplies will offset output curbs by the Organization of Petroleum Exporting Countries and its allies, including Russian Federation.
Oil prices are trading lower this afternoon.
The OPEC production figures were for 13 members and did not include Equatorial Guinea, which joined last month.