Global oil output sees slowest growth since 2013

Oil lifts before surprise US crude build

"These trends along with the steady decline in oil in floating storage, indicate that the rebalancing of the market is underway, but at a slower pace, given the changes in fundamentals since December, especially the shift in USA supply from an expected contraction to positive growth", the report read.

Brent crude, the global oil benchmark, fell 0.74% to $48.36 a barrel on London's ICE Futures exchange.

The upward movement on gasoline inventories for another week was also a huge disappointment, climbing 1.794 million barrels this week, compared to an expected draw of 1.15 million barrels.

He said that US refinery inputs hit a record last week, with the amount of crude processed at just over 1 million barrels a day more than the same time past year.

The IEA said in its monthly oil report Wednesday it expects non-OPEC production to grow 700,000 barrels daily this year and 1.5 million barrels next year, "which is slightly more than the expected increase in global demand".

Originally, OPEC members had agreed to cut production for six months beginning from the start of the year in a bid to reduce the glut of oil supplies on the shore up prices.

The flow surge should show up in usa imports data sometime in late July.

USA stocks were little changed on Wednesday after the Federal Reserve made a widely expected move to raise interest rates for the second time in three months.

Backed forces fighting Islamic State enter Syria stronghold of Raqqa
SDF fighters were armed mostly with light weapons including Kalashnikovs, and were also returning mortar fire on ISIL positions. In addition to holding part of Al-Sabahiya in Raqa's west, the alliance also controls the eastern neighbourhood of Al-Meshleb.

However, the oil cartel reported that output increased by 336,000bpd last month to 32.14 million bpd.

The renewal comes at a time when the global supply overhang has been depressing the oil prices and revenues for over the past three years.

Distillate inventories fell this week by 1.451 million barrels, while inventories at the Cushing, Oklahoma, site fell by 833,000 barrels after last week's dip of 1.56 million barrels.

A report from the IEA indicated that Iraq, along with other OPEC members, was being less than diligent in cutting oil production and abiding by the OPEC deal.

The International Energy Agency says OPEC's plan to cut production and support prices are likely to be undone by increased output in non-OPEC countries like the U.S. With supplies plentiful, strong demand is needed to drive the market, but there are signs of a slowdown.

The surge in oil production also stems from some OPEC members failing to meet production targets.

The U.S. Energy Information Administration reported gains last week in oil storage inventories, sparking concerns about market balance.

The IEA has revised its forecast upwards for United States oil production this year, and said Brazil and Canada were also expected "to make further gains".

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