At the same time, the world's biggest exporter, Saudi Arabia, wants oil at $80 per barrel as a way of boosting the budget and implementing the projected reforms.
The Organization of the Petroleum Exporting Countries and non-OPEC producers led by Russian Federation have agreed to cap output by about 1.8 million bpd in a deal running from January past year until the end of 2018.
New York-traded West Texas Intermediate crude futures tacked on 2 cents to $67.72 a barrel by 08:10GMT.
As a result of its rising output, US crude is increasingly appearing on global markets, from Europe to Asia, undermining OPEC's efforts to tighten the market.
With most US producers now profitable at prices under $40 per barrel and the forward curve significantly higher than that for years to come, American drillers will likely continue to increase output as they are able to hedge themselves profitably for the foreseeable future.
"We still have all the different soundbites on Iran and the May 12 deadline is coming up", Petromatrix strategist Olivier Jakob said, referring to the date by which the United States has said it will withdraw from a nuclear deal with Iran if the other signatories do not meet certain conditions.
Now, thanks to the massive output drop in Venezuela and the OPEC led production cuts, prices are being driven up. The only thing that is stopping the oil prices shooting through the roof is the fact that America's oil production has been rising.
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If OPEC maintains its current output curbs through December, the market is set to become exceptionally tight, which will push prices and spreads towards unstable levels.
Crude oil futures are trading lower early Wednesday as investors show their reaction to yesterday's dramatic reversal down and to a private industry report showing a slight rise in USA inventories. However, according to Bloomberg, these prices are a result of demand.
Admittedly, the rise in fuel costs will eventually weigh on the disposable income of consumers and the profits of non-oil businesses.
"Not many companies on Bursa Malaysia have a direct exposure to the changes in oil price".
In particular, they point to the relatively low level of investment in exploration and production to justify the need for continued production curbs and even higher prices. However, if these prices keep rising - which looks like a strong possibility - then it could have a detrimental effect and choke economic growth.
If inventories are adjusted for the rise in consumption, which gives a more accurate picture of the market balance, stocks are now well below the five-year average and continue to tighten.