VIENNA, May 11 (Xinhua)-- OPEC on Thursday sees pressure from increasing U.S. crude oil supplies while the cartel is seeking to rebalance the oil market by cutting oil production.
"Pressure continues to come from a bearish unbalance in oil market conditions due to increasing US crude oil supplies and lower-than-expected inventory draws," the Organization of the Petroleum Exporting Countries(OPEC) said in its monthly report.
OPEC noted the oil price is under the pressure from higher supply and a slower-than-expected market rebalancing.
OPEC decided to cut oil production in last winter in cooperation with other oil producers to bolster the weak oil price, however, the production cut seems to have limited effects on the oil price when U.S. keeps increasing its oil output, especially the shale production.
The cartel also boosted estimates for non-OPEC producers oil output, forecasting production from its rivals would increase by 950,000 barrels a day in 2017, much higher than its previous forecast 370,000.
OPEC members are to meet this month in Vienna to decide if the cartel would extend the oil output cut. Enditem
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