"Current expectations indicate the market to rebalance in the fourth quarter of this year taking into account an increase in shale oil production", the minister noted.
Futures fell 0.9% in NY.
The shale comeback is displayed by the unrelenting rise in the Baker Hughes rig count.
In addition to the fundamental traditional drivers of energy (IXE) returns, there are various other factors that influence oil prices and affect the energy sector, which include geopolitical and economic events, global economic growth, non-OPEC production, and unplanned supply disruptions. American crude production has expanded to 9.33 million barrels a day, Energy Information Administration data show. Although this forecast reflects the assumption of increased non-compliance with a second production-cut extension in 2018, any extension provides some support for crude oil prices, even if only temporarily, which would partially offset downward price pressure from growing inventories.
"If we get bearish USA oil statistics this week, we could see a test of US$45 on Brent", Varga said. "We're seeing this reflected in the rising rig count and increases in 2017 investment plans".
Elsewhere on Nymex, gasoline futures for July was little changed at $1.452 a gallon, while July heating oil added half a cent to $1.415 a gallon.
Total volume traded was 15 percent below the 100-day average. The February contract expired Friday after rising 2% to $52.42.
The U.S. crude oil futures contract for July CLc1, which was due to expire later on Tuesday, fell 98 cents to a low of $43.22, its lowest since November 14, before recovering to around $43.30.
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On the golf course, there was only a barrage of birdies. "It made me feel a lot better seeing Brooks shoot 5-under", Thomas said. Spieth was well off the lead, but seemed to be feeling much better with his game after shooting 76 in the third round.
Analysts and traders surveyed by The Wall Street Journal expect crude stockpiles to fall by 2 million barrels, on average, in the week ended June 16.
Futures pared declines as the U.S. dollar dropped.
Six out of the seven worst-performing S&P 500 stocks were oil-related, led by 4 percent declines of Hess, Transocean and Marathon Oil.
It is hard to tell a group of the world's biggest oil producers, which run state-owned companies with hundreds of analysts, that they are wrong.
"There is a disconnect between the actual data coming out and what the markets thinks", she said. Continued increases in drilling activity in US shale basins, particularly in Texas, support production increases throughout the forecast. The committee will meet next on March 17 in Kuwait and again in May. It is true that there were times when everyone believed that prices will stay high for long and that OPEC will defend this price. "That's how capitalism works".
USA crude-oil prices on Tuesday retreated in to bear-market territory, defined as a drop of at least 20% from a recent peak, as the the market continues to be dogged by oversupply concerns.
U.S. drillers increased the total oil and gas rig count by 35 to 694 in the week ended January 20, according to data from Baker Hughes. Top OPEC producer Saudi Arabia is also a member of the JTC in its capacity as 2017 OPEC president. She said Saudi Arabia's energy minister has made clear that reducing US shipments was an option.
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