Watch out OPEC, US could break oil production record of 1970

Oil price forecast: Trump and US shale set to keep prices below $50

In other news, on Thursday, crude oil posted a two-sided trade, first rallying after official US data showed crude inventories fell sharply last week as refining and exports surged to record highs.

The declines were good news for oil markets, where prices have trended lower recently over concerns that rising USA production is offsetting output cuts by OPEC and other major producers and keeping global markets awash in oil. He said his administration could try to renegotiate the existing agreement or try to create a new one that is more favorable to the U.S.

Rising production in Libya and Nigeria also raised concerns.

He said that thanks to increasing efficiency, USA shale oil producers would likely deliver an additional 1.5 million barrels of crude a day to the market in 2018.

"A decrease in production under an agreement between Opec and non-Opec could largely be balanced out by an increase in USA shale oil production by the middle of 2018", Sechin said.

U.S. President Donald Trump's withdrawal from the Paris agreement, the landmark 2015 global pact to fight climate change, drew condemnation from Washington's allies and many in the energy industry - and sparked fears that U.S.

Reuters sources say OPEC officials discussed deepening the cuts last week and could revisit the proposal.

Crude inventories fell 6.4 million barrels (bbl) in the week to May 26, far more than analysts' expectations for a decrease of 2.5 million bbl.

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However, U.S. crude production rose to 9.34 million bpd last week, up almost 500,000 bpd from a year ago.

At the end of past year, OPEC and 11 countries outside the cartel agreed to withdraw 1.8 mln barrels per day from the oil market in the first half of 2017.

Crude futures kicked off the week with slight gains, though downward pressure remains as many investors remain unconvinced that production cuts by Middle Eastern and Russian Federation producers are sufficient to offset accelerating output in the US and Africa.

Data from energy services company Baker Hughes showed on Friday that US drillers last week added rigs for the 20th week in a row, the longest such streak on record, implying that further gains in domestic production are ahead.

Traders said that prices had received support from a tightening physical crude market.

"The worry is that you have rising output in the US and thatRs going to offset cuts", said Gene McGillian, manager of market research at Tradition Energy in Stamford, Connecticut.

A drop in output in Angola and Iraq and continued high compliance from Gulf producers Saudi Arabia and Kuwait helped lift OPEC's adherence with the supply cut deal to 95 percent from 90 percent in April, according to Reuters surveys.

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