In crude oil alone, OPEC expects US producers to boost output to 11.43 million bpd in the last quarter of 2018 and continue ramping up production until it hits 12.5 million bpd at the end of 2019. That would represent a growth rate of 2.23 million bpd for 2019 from 2018, an upward revision by a considerable 120,000 bpd from OPEC's October Monthly Oil Market Report.
US crude futures (CLc1) lost $2.64, or 4.3 percent, to hit $57.30 a barrel, lowest since December 2017, as of 12:18 a.m. EST (1718 GMT).
Oil's slide accelerated on Tuesday (Nov 13), with United States futures suffering their steepest one-day loss in more than three years due to ongoing worries about weakening global demand and oversupply.
Saudi Energy Minister Khalid al-Falih said on Monday the Organization of the Petroleum Exporting Countries agreed there was a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to prevent oversupply.
Oil's slide accelerated on Tuesday, with USA futures dropping to lows not seen in 11 months due to ongoing worries about weakening global demand, oversupply and sell offs across other asset classes, including equities.
That led to a sharp price drop on Monday and the sell-off continued into Tuesday.
That came after reports that Saudi Arabia was considering a production cut at the December OPEC meeting, on increased alarm that supply has started to outpace consumption.
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OPEC warned on Tuesday that an oil supply glut could emerge in 2019 as the world economy slows and supply from rival producers rises more quickly than expected, building a case for a policy U-turn to cutting output at a meeting December 6.
Brent is in so-called "bear market" territory alongside USA crude as it has fallen by more than 20% since its peak - $86 in early October.
Capital Economics said it was clear that "fears over excess supply in the oil market are starting to build". "Oil prices should be much lower based on supply", Trump tweeted.
The U.S. has meanwhile allowed some of its allies - Greece, India, Italy, Japan, South Korea, Taiwan and Turkey - as well as rival China to continue to purchase Iranian oil despite re-imposed sanctions, as long as they work to reduce their imports to zero.
Brent ended down US$4.65, or 6.6 per cent, to US$65.47 a barrel, the largest one-day loss since July 2018.
Even as the demand-supply imbalance hurts prices, President Donald Trump fired another salvo in a Monday tweet. Output, however, rose by 127,000 bpd to 32.9 million bpd, OPEC said.