"OPEC supply changes remain the biggest uncertainties in the market", said Xi Jianrui, senior crude analyst with oil consultancy JLC said.
Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), is struggling to meet its supply obligations, with dozens of tankers waiting to take on its oil.
While the numbers are in an of themselves a concern to those who worry about another global glut, Andrew Lipow, president of Lipow Oil Associates, pointed out that "The continuing increase in crude oil production is weighing on the market, and quite significantly compared to this time previous year".
Plans to increase oil production were already addressed in a meeting held in Kuwait for a number of Arab oil ministers, according to an official OPEC statement that was cited by Bloomberg as well as the official Kuwaiti news agency KUNA. Saudi Arabia's crude use can double as oil helps run air conditioners in the desert kingdom.
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Washington was anxious that the sanctions would curb deliveries from Iran and push oil prices up, the sources said.
Saudi Arabia and Russian Federation were already discussing raising OPEC and non-OPEC oil output by roughly 1 MMBPD, sources familiar with the matter said in early May. However, the deal will expire at the end of this year.
"OPEC will not bow and obey" to US pressure to increase oil production, said Hossein Kazempour Ardebili, one of Iran's representatives to the organization.
"No one in OPEC will act against two of its founder members", he said.
May shipments were 39.05 million tonnes, or 9.2 million barrels per day. It's mostly because of a rise in EIA oil inventories and record weekly domestic production. That compared with 9.6 million bpd in April. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High! "The market should stay in deficit" despite Venezuela President Nicolas Maduro's comments his country stands ready to raise production should Opec decide to do so, he said. "$80 is a temporary ceiling for oil until we hear from OPEC". Crude prices will be volatile until the meeting and any announcement regarding future production. The increase shows that lack of supply that is coming from OPEC crude relative to supply from USA production.