Late last month, OPEC said it would extend an 1.8 million-barrel-a-day cut to oil output by nine months, though March 2018, after the November deal failed to fully clear a global oversupply in oil, which has been keeping prices relatively low.
"Our first outlook for 2018 makes sobering reading for those producers looking to restrain supply", said the report.
USA crude futures fell by 1% to trade at $45.97 a barrel after the report was released.
Sign up now and get breaking news alerts delivered to your inbox. This upward adjustment was mainly due to the downward revision in non-OPEC supply as world oil demand remained unchanged. Traders will be watching figures on last week's USA stockpiles to be released later on Tuesday by industry group the American Petroleum Institute. Some non-OPEC countries, such as Russia, Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Sudan, and South Sudan promised to cut output by 600,000 barrels per day, beginning from January 1, 2017. Crude oil futures have lost 15 percent of their value since February, raising the risk that unhedged companies are more exposed to market weakness.
Oil inventories across the world's most industrial nations rose in April by 18.6 million barrels to 3.045 billion barrels, thanks to higher refinery output and imports.
Exports in May, when the kingdom's total production was 9.880 million bpd, averaged below 7 million bpd, three industry and shipping sources told Reuters.
Donald Trump critics are not even people, claims son
Everything you really need to know about Eric Trump can be discerned from his portrayal on Saturday Night Live by Alex Moffatt. To raise money for his foundation, Eric started holding golf tournaments, and the first one in 2007 raised almost $220,000.
France mocks White House video on Paris climate agreement
On the other hand, he praised President Trump for taking the "courageous" action of pulling the US from the Paris agreement . Within the US , the announcement saw protests amidst questions about President Trump's views on climate change.
In its monthly assessment of the market, the agency said global crude inventories were 292m barrels higher than the five-year average.
This is partly because Saudi Arabia usually burns more crude in power stations at home in the summer months to meet extra demand for power as people rely on air conditioners to deal with temperatures that can reach 50 degrees Celsius.
The report came after market close, and had more than wiped out the modest gains made in Tuesday's session on the back of analyst expectations of a draw in stocks. Importantly, the IEA expected the increase in non-OPEC supply next year to be higher than the growth in overall global demand.
When asked about his team's mindset ahead of the game, Mortaza said, "It's our focus to win every match and we play at our best". England play Australia in their final group game at Edgbaston on Saturday, knowing they could knock the Aussies out of the event.
Svitolina reeled off five straight games from 2-5 down in the final set for a hard-fought victory against the 290th-ranked Martic. Pliskova, the 2016 US Open runner-up, will take on Caroline Garcia of France for a place in the semi-finals.
Rijiju said the Indian government had withdrawn ceasefire with NSCN after banning it in 2015 through a special notification. Khaplang may have gone from the scene but the challenge he posed top the Indian state all these years, is far from over.
Guptill said his role as an opener was to provide some stability and set up a platform to launch the New Zealand innings . Williamson pleaded guilty and was fined 40 per cent of his match fee, while the rest of his team got 20 per cent fines.
Trump also mentioned his talk with Abbas, telling the audience, "They [Palestinians] are ready to reach for peace". "And (Trump) really does want to work together with Israel in countering the threat from Jihadist Islam".
Iran is the only OPEC member with room for growth under a current deal to stem production in an effort to balance the market . An oil production platform in the Soroush oil fields alongside an Iranian flag in the Gulf July 25, 2005.
The NSA document says Russian military intelligence first targeted employees of a Florida voting systems supplier in August. Humboldt County, population 136,000, might not seem like a top target for the Russians.
Just like its predecessor , the 2017 MacBook weighs 2.03 pounds (920g) and measures 0.52 inches (1.31cm) at its thickest point. So the sneak preview of the iMac Pro was undoubtedly one of the highlights of the California conference.
Likewise, the release date remains a mystery, although it's extremely unikely that it will be released until at least late 2018. Retro Studios is not making Metroid Prime 4 for Switch, according to Nintendo of America marketing boss Bill Trinen.
General Electric announced Monday morning that CEO and Chairman Jeff Immelt is stepping down from his role at the company. GE has recently faced pressure from activist investor Trian Fund Management to cut costs and make other changes.
With Vettel's victory, Hamilton now sits 25 points behind in the F1 drivers' championship with 14 races remaining this season. We went back to this unknown scenario we are in, which happens to be, it's okay on one auto and not okay on mine.
Va.'s Kaine opposes Saudi arms sale
Instead, U.S. actions in Yemen, increased the popularity of the local Al-Qaeda affiliate and helped to destabilize the country. Hours before the vote, Paul told a group of congressional interns and staff members that the measure was largely symbolic.
Fans in focus at major E3 video game trade show
Also announced was that new night versions of maps now available in Battlefield 1 will be released throughout June and July. We still don't know much about how the game will play, but this glimpse should be enough to get Need for Speed fan excited.
Tottering Theresa May names new UK Cabinet as critics circle
Scotland's government wants a special deal to stay in the single market or, if not, to secede and stay in or rejoin the EU. Queen Elizabeth will deliver the "Queen's Speech", setting out the government's plans for the new parliamentary session.
Apple Joins Smart-Speaker Race With Music-Focused 'HomePod'
But neither can quite give you the experience promised by the (pricey) combination of a HomePod and Apple Music subscription. Apple will start selling the HomePod this December for $349, competing with devices like Google Home and Amazon Echo.
Trump went to Riyadh like peddler: Iran's Velayati
Trump reminded the leaders during his speech of the beauty and potential that the Middle East region holds for the whole world. While King Salman appeared happy to greet the visitors, a Trump tweet from 2015 suggested he would be offended.
Washing hands in cold water as good as hot
Just a short rub of the hands made a major difference the study, published in the Journal of Food Protection , found. They repeated these tests several times over six months.