OPEC's efforts to tighten the market and prop up prices have been undermined by a relentless rise in US production, especially from shale oil drillers.
It expects total output for 2018 to rise to almost 10 million bpd, with most of that coming from the increase to the 2017 forecasts.
But prices, however, slumped in recent weeks due to rising US production, which undermined the OPEC-led efforts to reduce a global crude glut.
In an overnight trade, crude futures also climbed sharply during the session on Wednesday as investors were enthusiast with the latest report from the Energy Information Administration (EIA), which revealed USA crude inventories declined more than expected.
Some analysts questioned the staying power of the sharp price rebound, given increased crude production in the United States, along with OPEC members Libya and Nigeria.
The United States, Canada and Brazil are not among producing countries including Russian Federation who meet with OPEC this month to decide whether to continue output cuts of 1.8 million barrels per day in an effort to reduce a global crude glut and support prices.
Currently, OPEC is planning to extend the tenure of this oil curb to the year-end or to next year.
USA crude stockpiles posted their biggest one-week drawdown since December last week as imports dropped sharply, while inventories of refined products also fell, helping boost oil prices that have been weighed down by concerns about oversupply.
The oil ministers of the two countries held a press conference in Baghdad where Iraqi Oil Minister Jabar Ali al-Luaibi said "there might be new ideas to be presented" at an OPEC meeting on May 25, without providing further details.
Shipments data has shown signs of drawdown, with shipments from OPEC countries expected to fall about 50 million barrels in April, according to Thomson Reuters.
Aramco and other producers typically issue monthly notices to refineries and other buyers with contracted supplies outlining their intended allocations to each customer.
While crude oil inventory is falling, the gasoline inventory is rising. The EIA now sees depressed oil prices at least through next year, saying that new oil flowing out of Canada and Brazil will inundate an already oversupplied market.
For 2018, oil demand is expected to increase by 300,000 bpd, down from a previously forecast rise of 340,000 bpd.
In the report, OPEC pointed to continued high compliance by its members with the supply deal and said oil stocks in industrialized nations fell in March - although they are still 276 million barrels above the five-year average.
Production won't begin until this fall, and Sony Pictures will most likely reveal most of the cast-list at that time. Fans have longed for a solo Venom film and Sony seems to be listening, making it a top priority with a 2018 release.
Many in Washington may question whether USA taxpayers have got value for money for the aid they've poured into the Andean nation. The Trump administration is also looking to work with Colombia to stem the flow of drugs into the USA from Latin America.
He added: "And we will do whatever is necessary and we will work together to do whatever is necessary to help with fixing that". The new administration has sought to forge a united front with Latin American countries to pressure the Venezuela government.
Manning, a transgender woman and US soldier, was convicted of espionage in 2013 and sentenced to 35 years in an all-male prison. On Friday, the group released what it said were new details of Central Intelligence Agency cyberespionage tools.
Participants in the Leaders Roundtable of the Belt and Road Forum for International Cooperation adopted a joint communique. Xi said the Belt and Road initiative is meant to be an "open and inclusive platform for development".
It has also been reported that Trump had told the Russians classified information about military operations involving Isis. The "nutjob" remarks are not the first things Trump said during his Lavrov meeting that have gained widespread attention.
Now scientists at NASA have discovered that we have also been shaping our near-space environments with radio signals. But the data could help NASA protect astronauts and satellites from space radiation.
They gave double priority to offense and slacked on defense - a strategy good enough for a Western Semifinals appearance. Yet two of the final three games in this series are at TD Garden, where the Wizards haven't won since April 16, 2014.
And poor Kelly Olynyk was left out to dry against LeBron, who chose to toy with Olynyk before taking him to the basket. And then there's the fatigue factor, which it looked like the Celtics were suffering from at the start of Game 1 .
People were being dragged, they were on top of the auto . "He ran across the street, flailing his arms and screaming". He said he saw about five people who looked gravely injured, saying, "People, really bad, in front of us".
Rosenstein says he stands by memo criticizing Comey
The headline on the Times story claims: "Trump Told Russians That Firing "Nut Job" Comey Eased Pressure From Investigation". When asked about the Justice Department appointing Mueller as Special Counsel, the President deflected the question.