Oil prices edge up as Saudis limit exports to Asia, US

LONDON, June 14 (Reuters) - Oil fell on Wednesday after reports showed global supply was rising and usa crude inventories were still increasing, raising concerns the market could stay oversupplied for longer than expected.

US crude fell 3.57 percent to $44.80 per barrel and Brent was last at $47.01, down 3.51 percent on the day.

The rise for gasoline stockpiles contradicted expectations for a decline of between 500,000 barrels and 1.5 million barrels forecast by Citi Futures-and the decline for crude supply was smaller than expectations for a 2 million- to 3 million-barrel fall.

With US oil and gas companies already stepping up activities in 2017, crude output climbed in May - the same month OPEC met to extend its production cuts - to a six-month high, since November 2016, according to OPEC's latest Monthly Oil Market Report.

"For total non-OPEC production, we expect production to growby 700,000 bpd this year, but our first outlook for 2018 makessobering reading for those producers looking to restrainsupply", the IEA said.

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The EIU also predicted that Opec will be forced to keep limits on its production beyond the end of the current agreement in March 2018, in order to prevent a wave of oil from returning to the market and sending prices plummeting. The report came after market close, and had more than wiped out the modest gains made in Tuesday's session on the back of analyst expectations of a draw in stocks.

However, rising US production has stymied OPEC's efforts to rebalance markets.

That loss of market share was foretold by former Saudi Arabian Oil Minister Ali al-Naimi, who insisted, until his departure past year, the group should keep pumping to squeeze out its competitors. U.S. WTI crude futures were at $46.28 per barrel, up 20 cents, or 0.4 percent.

After basing the legitimacy of its initial crude cutback initiative, and more recently its extension, on the argument that it was resulting in an imminent market rebalance, the Organization of the Petroleum Exporting Countries (OPEC) on Tuesday admitted that the recovery is now underway at a "slower pace" - and that the cartel's output in May increased due to Nigeria and Libya being exempt from the deal. Brazil and Canada will add output, while non-OPEC supply growth will exceed demand growth for the first time since, according to IEA data.

In some of parts of the world, the stocks of oil are on record highs, and producers who are not a part of OPEC deal are ready to increase output.

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Opec's production curbs should succeed in reducing global oil inventories over the second half of the year, Spencer Dale, BP's chief economist, believes.

Oil prices have slipped 14 percent in NY this year as hopes that supply curbs by OPEC and partners such as Russian Federation would end a three-year surplus have given way to concern that the cuts aren't deep enough and that US shale drillers will fill any shortfall.

Rising output from the United States has been one of the main factors behind the stubbornly high stock levels and the IEA estimates USA production will continue to grow aggressively into next year.

While those supply reductions should eventually succeed, progress is much slower than expected, the IEA said.

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