Oil prices fall on OPEC output increase, rising US crude stocks

Oil surges

The EIA also reported that motor gasoline product supplied, an indicator for demand, averaged more than 9.5 million barrels a day over the last four weeks.

OPEC on June 13 said a long-awaited rebalancing of the oil market was under way at a "slower pace" and reported that its own output in May jumped due to gains in nations exempt from a pact to reduce supply.

Data from the U.S. Energy Information Administration (EIA) showed U.S. commercial crude oil inventories fell by 1.7 million barrels in the week through June 9. Distillate inventories were the only one, which saw a fall of 1.451 million barrels.

"It's not threatening any production, so the markets have yawned", he said.

Meanwhile, the EIA has reported that shale production in the US would reach an all-time high in July, at 5.475 million bpd and adding an additional rig to bring the total rig count to 719, continuing the twenty-two-week streak.

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With supplies plentiful, strong demand is needed to support the market, but there are signs of a slowdown.

The IEA said the weak demand growth in the first half of fewer than 1 million barrels per day would accelerate in the second half so that demand overall for the year would average 1.3 million barrels per day, and grow further next year to 1.4 million bpd.

And at a meeting at the end of May, both OPEC and non-OPEC countries chose to roll over the output cuts for a further nine months.

A report from the IEA indicated that Iraq, along with other OPEC members, was being less than diligent in cutting oil production and abiding by the OPEC deal.

ANZ bank [The Australia and New Zealand Banking Group Limited] said in a note to clients that prices were "under pressure earlier in the day after a report from OPEC showed that its production had increased".

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Qatar crisis will have a very little impact on global oil prices as the country is not a major producer of Oil.

A rapid rise in USA shale oil output will contribute to the increase in non-OPEC supply next year, the IEA said. Also countries like Libya and Nigeria produces more oil.

Rising output from the United States has been one of the main factors behind the stubbornly high stock levels and the IEA estimates U.S. production will continue to grow aggressively into next year.

The renewal comes at a time when the global supply overhang has been depressing the oil prices and revenues for over the past three years.

Supply grew by 585,000 bpd last month alone, with the rapid return of USA shale adding to strong gains from Opec's exempt members, Libya and Nigeria.

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