"The prospect of easing supply curbs from OPEC-led producers continues to be reflected in oil's overall depressed price", said Lukman Otunuga, analyst at futures brokerage FXTM. "Not good!" Trump wrote in a post on Twitter. With record amounts of Oil all over the place, including the fully loaded ships at sea, Oil prices are artificially Very High!
USA ally Saudi Arabia remains OPEC's most powerful member - with enough production capacity to manipulate global supplies. At the 16th IEF ministerial meet in April this year, India and China, which together accounted for 17 per cent of world oil consumption last year, agreed to look for ways to leverage the combined size of their imports for a better bargain from West Asian crude producers.
Brimming with confidence after the recent informal summit between Prime Minister Modi and President Xi Jinping, India and China are discussing ways to form an oil buyers club with China, Japan and South Korea.
"The market will be finely balanced next year, and vulnerable to prices rising higher in the event of further disruption", the IEA said in its monthly report. Trump tweeted in April. OPEC members include Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.
Brent crude futures, the worldwide benchmark for oil prices, were at $76.46 per barrel at 0046 GMT, down 28 cents, or 0.4 percent, from their last close.
With demand for oil strong, Morgan Stanley said the group's "production is likely to creep higher".
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"Expect more of the same whippy markets driven by rumours and innuendo ahead of June 22 Vienna OPEC meeting", predicted OANDA analyst Stephen Innes.
By 2023, oil demand will hit 104.7 million barrels per day, up 6.9 million bpd in 2017, according to the International Energy Agency.
Predictions for the scale of increase ranged from about 180,000 barrels a day to as much as 1 million barrels.
The country boosted production after the USA lifted sanctions related to Iran's nuclear program in 2016, but analysts expect output to fall when the Trump administration's decision to withdraw from the deal takes full effect later this year.
According to figures compiled by Platts from market players, Organization of Petroleum Exporting Countries (OPEC) and tanker tracking service companies that monitor crude shipping movements, Nigeria's crude oil production for the month of May plunged by 150,000 barrels per day.
Crude oil prices were mixed in European trading Thursday morning as the market searched for signals on how OPEC will resolve rising divisions over the future of the production cut agreement, and digested a surprise drop in U.S. crude stocks.