Russian Rosneft oil firm starting lifting oil from Libya

Shale spree shows no sign of cracking

The statement also remarked that considerations are offered to not only Nigeria but also Iran and Libya and that would mean that for 2017, other member countries would seek to cut output and these countries are expected to increase in production.

Russia, which is cooperating with OPEC in a deal to stem production, said it was ready to consider revising parameters of the deal if needed.

The estimate of USA crude exports comes from PIRA Energy and was reported Monday by the Financial Times. In contrast, the output-cut deal has kept 1.8 million barrels a day from the market. After being the top-performing sector past year, energy is the worst-performing sector so far in 2017―and it isn't even close.

The major increase in supply would further undermine the strength of OPEC, which was exporting an average of 25 million barrels a day in 2016.

"There is no (supply) cut" even for heavier grades such as Arab Medium and Heavy crude in August, one of the sources said.

"I do still believe they mean 'whatever it takes, ' but the market is impatient and wants to see larger stock draws", said Torbjorn Kjus, chief oil analyst at Oslo-based bank DNB.




There were further reports that Nigerian and Libyan output could be capped, although overall confidence in any action remained low.

Barclays cut its 2017 and 2018 Brent forecasts to $52 a barrel for both years from $55 for 2017 and $57 for 2018.

NOC Chairman Mustafa Sanalla added Libya could assist with efforts to stabilize the market by informing OPEC about its plans to restore production.

Oil futures were little changed in NY, trading near US$44 a barrel following a report that Saudi Arabia exceeded its agreed-upon output limits last month.

Kuwait's Oil Minister IssamAlmarzooq said in Istanbul that the two African producers, who have boosted output since being exempt from the Organisation of Petroleum Exporting Countries (OPEC) cuts, have been invited to a July 24 meeting in Russian Federation to discuss the stability of their production, BNP Paribas SA reduced its price forecasts for this year and next because supply growth elsewhere is diluting the impact of the OPEC-led curbs. This has prompted more talk among producers about including them in the pact. "We're starting to see the long-term impact of lower oil prices".

"Was there really a lot of urgency in Riyadh to rescue the price - and investors and US producers - this summer?" said Croft.

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