USA crude oil production has climbed to 9.24 million barrels per day (bpd), according to the latest Energy Information Administration data, making it the world's third-largest producer after Russian Federation and Saudi Arabia.
"The rebalancing in USA crude stocks may have got under way, but concerns about further gasoline builds are rife even as the US summer driving season shifts up a gear", said Stephen Brennock, an analyst with PVM Oil Associates.
Opec agreed to slash output by 1.2 million barrels a day and non-Opec members led by Russian Federation promised to cut 558,000 barrels a day.
Crude production advanced 17,000 barrels a day to 9.25 million in the week ended April 14, the highest since August 2015. Increasing U.S. output is undermining attempts by OPEC and other major oil producers to curb output and sustain higher prices on oil market. Brent for June settlement fell 45 cents to $54.44 a barrel on the London-based ICE Futures Europe exchange.
The same report also mentioned that Iranian oil minister Bijan Zanganeh said that most oil producers support an extension of output cuts by OPEC and non-OPEC countries including Iran. United States crude production continued to increase with a gain of close to 10% from levels seen in mid-2016, although the rate of increase was slower than the previous few weeks.
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The city had two high-profile dog mauling deaths in 2014 - one of a 7-month-old boy, the other of a 57-year-old woman. The Buchanan County Sheriff's Office arrested him and he was taken to the hospital and then the jail, Bright said.
OPEC plans to meet with non-OPEC oil producers on the same day as its scheduled May 25 conference, sources familiar with the arrangements said, as they decide whether to extend supply cuts into the second half of the year. "That's another bearish sign for oil prices".
Oil prices fell in thin trade on Tuesday after the Easter holiday break shut many markets for as long as four days and as a US government report indicated rising production.
Both benchmarks last week rose for a third consecutive week, with Brent adding 1.2 percent over the four days before the Good Friday holiday and WTI up 1.8 percent. Opec exempted Nigeria and Libya previous year from cutting production, due to their internal conflicts, while it agreed to let Iran pump an additional 90,000 barrels a day to reach output of about 3.8 million.
Barkindo would not say whether the agreement will be extended for another six months, but that any decision taken would be in the interest of all producing and consuming countries.
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