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OPEC started withholding supplies in 2017, to the tune of 1.2 million barrels per day, to tighten the market and prop up prices, which in 2016 fell to their lowest in more than a decade at less than $30 per barrel.

U.S. crude production C-OUT-T-EIA has already surged by more than 27 percent in the last two years, to 10.73 million barrels per day (bpd), bringing its output ever closer to that of Russian Federation, which pumps around 11 million bpd.

Crude oil inventories in the Organization for Economic Co-operation and Development have fallen below their five-year average level, a high-ranking OPEC official told S&P Platts this week.

The United States is set to export 2.3 million barrels per day (bpd) in June, of which 1.3 million bpd will head to Asia, a senior executive with a key USA oil exporter estimated.

"The market was not prepared for Opec to get ready to return supply that soon", said Jens Naervig Pedersen, a senior analyst at Danske Bank A/S in Copenhagen.

OPEC and non-OPEC ministers will meet on June 22 to make a final decision on easing supply curbs.

US West Texas Intermediate (WTI) crude fell US$1.39 to US$66.49 a barrel.

Industry group American Petroleum Institute (API) releases its weekly oil data at 2030 GMT, followed by the report by U.S. Energy Department's Energy Information Administration on Thursday, both delayed a day because of the federal Memorial Day holiday on Monday.

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Brent futures for July settlement added 58 cents, or 0.8 percent, to $75.88 a barrel on the London-based ICE Futures Europe exchange.

The plan came despite crude prices dropping on Monday.

The spread between Brent and United States crude oil stands at almost $9 per barrel, its widest since March 2015.

In China, Shanghai crude oil futures ISCc1 tumbled by 4.5 percent to 459 yuan ($71.83) per barrel.

Higher crude prices are starting to affect demand, Daniel Yergin, vice-chairman of consultancy IHS Markit, had said on Friday. He was echoing concerns voiced a week earlier by the International Energy Agency, which advises major oil-consuming nations.

Despite worries over Iranian and Venezuelan oil, there are many solutions for the global supply system to fill the gap and prevent any supply constraints. Although US oil exports hit a record high of 2.6mn bpd in the middle of May, there is concern that the US port infrastructure has insufficient capacity to support the increasing supply. Anything above that level "can lead to certain problems for consumers, which also isn't good for producers", he said. Venezuela has seen a reduction in output of 579,000 bpd overshooting its target production cut of only 95,000 bpd. Reuters reported that production could rise by as much as 1 million barrels a day.

USA crude production has been rising over the last three years along with the global rise in price, as United States producers looked to leverage higher oil prices.


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