Kuwait also has said a production cut is not likely, but Reuters quoted unnamed OPEC delegates Tuesday as saying a production decrease could be discussed and OPEC could trim 500,000 barrels, bringing production back to its 30-million-barrel-per-day target.
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Platt's reported that OPEC pumped 30.3 million barrels a day in October, down from 30.6 million barrels in September. OPEC countries hold about 80 percent of the world's oil reserves, and OPEC produces about a third of the world's oil.
U.S. oil production continues to grow, and has been averaging above 8.9 million barrels a day for the past month, close to the just more than 9 million barrels a day produced by Saudi Arabia.
Citigroup analysts said Saudi Arabia is defending its share in Asia where it is challenged by sales from Iraq, Kazakhstan, Oman, Russia and Iran.
"The kingdom appears to have accepted that with U.S. oil production growth and a pending wave of competitive Canadian crude about to reach the refining system on the U.S. Gulf Coast, it will have to continue to see deliveries to the U.S. slip," they wrote. Saudi Aramco sold 1.5 million barrels a day to the U.S. in September 2013, and lately that amount has fallen below 900,000 barrels a day.
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Kilduff said he is anticipating seeing a further build in U.S. supply when weekly government inventory data are reported Thursday, instead of Wednesday, as it was delayed by Tuesday's Veterans Day holiday. Platt's said oil stocks have been well supplied by historic standards, at 380.2 for the week ended Oct. 24, 5.5 percent above the five-year average.
Citigroup analysts said a cut in OPEC production is possible but not likely this month, and there may be a better opportunity for OPEC to cut after the winter. "Not enough pain has been spread among OPEC countries ... yet," they wrote in a note.