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In November 2017, the US crude oil supplies surpassed 10 million barrels per day, breaking a record high from almost 50 years ago. On a most-active basis, Brent crude ended May with a 3.2% gain.

WTI fell 86 cents to stand at $66.18 a barrel. The cartel has never been able to restrict supplies and control oil prices for very long, because oil comes from a diverse set of suppliers (both OPEC and non-OPEC), many of whom have a strong incentive to cheat and boost oil production above their quotas.

Rising oil activity is not helping either. Real global growth will reach 4 percent this year for the first time since 2011, the Organisation for Economic Co-operation and Development forecast this week.

There is some evidence to suggest that this has happened in recent weeks, with vessel-tracking data compiled by Thomson Reuters Oil Research and Forecasts pointing to record arrivals of USA crude in Asia in June.

OPEC ministers from Saudi Arabia, the United Arab Emirates, Kuwait and Algeria along with their counterpart from non-OPEC Oman gathered in Kuwait on Saturday for an unofficial meeting of a joint ministerial committee that monitors compliance with the agreement. The Organization of Petroleum Exporting Countries and allied producers, including Russian Federation and Oman, are due to meet at the end of June in Vienna to discuss the output cuts agreement, which is now due to run for the rest of this year. The Permian basin, which stretches across West Texas and eastern New Mexico, is the largest USA oilfield.

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The biggest continuing factor is the influence of rising U.S. output.

Over the first four months of 2018, oil production in Kazakhstan totalled 30 million tonnes, 6 percent higher as compared to the same period previous year.

Output from North Dakota held around 1.2 million bpd, while output in the federal Gulf of Mexico eased 1.1% to 1.7 million bpd.

Production in Texas rose by 4% to nearly 4.2 million bpd, a record high based on the data going back to 2005.

The second-largest fall in May came from Venezuela, whose production declined to 1.45 million bpd from 1.50 million bpd, compared to the implied target of 1.972 million bpd, which means that Venezuela's involuntary "cut" in May was 617,000 bpd-more than the cut pledged and achieved by OPEC's biggest producer Saudi Arabia. With its inventory goals achieved, the group will meet June 22 in Vienna to discuss the deal, amid speculation that it may have to increase output to make up for any Iranian barrels shut-in due to the US' decision to reimpose sanctions. Gas production was at 58.12 billion cubic metres (bcm) last month, or 1.87 bcm a day, versus 61.86 bcm in April.


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