Overall OPEC production rose by 35,000 bpd to 31.87 million bpd as production fell in Nigeria, Venezuela and Libya, offsetting Saudi Arabia's gains.
"So were they to raise by 1 million bpd, then 1.3 million bpd is left, scraping the low end of the range historically and uncomfortably tight given the high and rising geopolitical disruption risk", McNally said.
On Monday, Iraq's oil minister said producers should not be influenced by pressure to pump more oil.
Riyadh pledged to pump no more than 10.058 million barrels a day under OPEC's output-cuts agreement with Russian Federation and other allies outside the group.
Exxon Mobil (XOM) shares dipped 0.8% to 82.46 on the stock market today. Chevron (CVX) eased 0.4% to 127.10.
"Sentiment is caught in a tug of war between the drop in supply from Iran and Venezuela and the prospect of rising output from OPEC/non-OPEC coupled with rampant U.S. shale production", said Stephen Brennock, analyst at brokerage PVM Oil Associates.
Based on the EIA definition, Robert McNally at consultancy Rapidan Energy Group said Saudi Arabia, Russia, Kuwait and United Arab Emirates together had spare capacity of about 2.3 million bpd.
Consultancy Energy Aspects said Gulf OPEC members would likely add less than 1 million bpd immediately, rising to about 1.5 million bpd in three to six months.
OPEC kingpin Saudi Arabia in January publicly floated the idea to extend the cooperation agreement which was struck by 24 OPEC and non-OPEC producers in late 2016 to trim output to shore up prices. However, Reuters sources said the two sides are looking at raising production by 1 million bpd.
A day before US President Trump pulled out of the Iran nuclear deal, a senior official of the Trump Administration phoned Saudi Arabia to ask it to help keep oil prices stable should the US decision on Iran disrupt oil supply.
Before the United States withdrawal from the Iran nuclear deal, the Saudi position was that the cuts would remain in place until the end of this year, as planned, even if OPEC were to overtighten the market.
But Kuwait and Iran are reportedly concerned about the agreement between Saudi Arabia and Russian Federation.
George, who's known to have an interest in police, was also pictured playing with what looked like a toy knife and handcuffs. The Duchess didn't only cheer up George this weekend, at Trooping the Colour , she had to comfort Charlotte too.
The 23-year-old was one of Sporting's standout performers last season with 13 goals and 13 assists in 52 appearances. The fourth player to leave Sporting is Bas Dost, who has been strongly linked with a move to Sevilla.
A club statement said: " Real Madrid CF announces that Julen Lopetegui will coach the first team for the next three seasons". Lopetegui is now in charge of the Spain national squad who are preparing for the World Cup in Russian Federation .
Lopetegui, who has been in charge of the national team for the past two years, has agreed a three-year contract at the Bernabeu. Spain begin their World Cup campaign against Ronaldo's Portugal on Friday in a match live on BBC One (19:00 BST kick-off).
The attacker, who appeared to be brandishing a fake weapon, had doused his remaining two hostages in petrol, the source said. A pregnant woman also managed to escape and was being treated for shock by ambulance services on the scene.
Daniel Arzani's fierce shot in the 74th minute caught goalkeeper Denes Dibusz by surprise, fumbling the ball as it went in. The goal changed the pace of the otherwise tepid encounter, with little of note before it, but madcap scenes afterwards.
Rushton believes the champion will overcome his latest hurdle and be ready for the biggest fight of his career come fight night. The 30-year-old Crawford, of Omaha, Nebraska, and Horn, also 30, were supposed to fight April 14 at Mandalay Bay Events Center.
Speaking at a news conference in the Macedonian capital, Skopje, Zaev described the deal as a "historic agreement of the century". Protesters this spring called for a United Nations resolution demanding recognition of the country under the name of Macedonia .
Rolland Garros Final: Nadal vs Thiem
Halep, who assured herself of retaining the No. 1 ranking with the victory, earned a fourth chance to win her first major title. For example, losers in this year's first round left Paris with €40,000 - a 12.5 per cent jump on last year's €35,000.
Trump Kim summit: USA president hails deal after historic summit
It appears to be composed nearly entirely of generic stock footage and old news clips, including images of Trump and Kim smiling. Trump responded on Twitter, saying: 'The fact that I am having a meeting is a major loss for the US , say the haters & losers'.
Putin: Russia ready to improve ties with US
Signaling he will not back down, Trump hurled himself into the fight, lashing out on Twitter about "unfair trade deals". Such a move would only sow further discord within the European Union , a German Foreign Ministry official said.
Warriors to Pay Kevin Durant 'Whatever He Wants'
Jamal Crawford - one of the finest offensive players in the league, who might we willing to take a pay cut to play for a victor . Ed Davis - a rebounding machine that has tormented the Warriors as a member of the Blazers in recent years.
Consumer group urges Musk to fix driver assist system
A Tesla super charger is shown at one of the company's charging stations in San Juan Capistrano, California, US, May 30, 2018. Federal agencies are investigating two other crashes in which Teslas ran into stopped fire department vehicles.
Armed man 'with a bomb' holds three inside a shop
The hostages are being held in the internal courtyard of the building, which contains a mix of offices and residential apartments. The attacker, who appeared to be brandishing a fake weapon, had doused his remaining two hostages in petrol, the source said.