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Yet, while OPEC is mulling an increase the reality is it will be needed to replace the loss of Venezuelan crude oil and the loss of Iranian crude due to USA sanctions. Brent crude futures were up 24 cents, at $79.81/Bbl by 2:29 p.m. ET, rebounding from a brief slide after the EIA data.

US refiner Valero Energy Corp this year boosted its imports of Venezuelan crude ahead of USA sanctions over the country's disputed presidential election and as other customers received less of the OPEC-member's exports, according to Thomson Reuters trade flows data.

The oil group is scheduled to meet with top non-OPEC producers in Vienna June 22, but sources told Reuters that Saudi Energy Minister Khalid al-Falih is scheduled to meet with officials from Russian Federation and the United Arab Emirates this week to discuss increasing production.

Renewed U.S. sanctions following the cancellation of the Iran nuclear arms deal may also remove supply from the market.

Hedge funds trimmed their net-long position - the difference between bets on a price increase and wagers on a drop - in Brent crude by the most in nearly a year.

As Bloomberg adds, the oil producers ex-shale are debating whether resuming normal compliance with the accord would mean nations individually return to 100 percent compliance with their targets, or whether the group as a whole would aim for that level, the people said, asking not to be identified because the talks are private.

Brent crude futures were down 75 cents at $78.82 a barrel by 0940 GMT, while USA crude CLc1 fell 46 cents to $71.74 a barrel.

The sudden consideration comes in response to rising oil prices that are pushing toward three-year highs and are beginning to drag on consumers.

Additionally, senator Lisa Murkowski, a republican who chairs the U.S. Energy Committee, said that while "OPEC's supply restrictions are higher and should be better.I'm stunned to hear my colleagues encouraging more production from the likes of Iran and Saudi Arabia, rather than right here in America".

Yesterday, industry group the American Petroleum Institute reported that USA crude supplies fell by 1.3 million barrels for the week ended May 1. However, Russia's Energy Minister Novak declined to comment on the same, saying that all proposals will be discussed in June's Vienna meeting.

We examine China's current policy direction - now reinforced under a more empowered President Xi Jinping - and its wider implications for global commodity markets.

OPEC and non-OPEC producers reached an agreement in December 2016 to curtail oil output jointly and ease a global glut after more than two years of low prices.

The Trump decision to renew US sanctions on Iran could cut as much as half a million barrels a day from Iranian oil exports.

Net U.S. crude imports rose last week by 1.4 million bpd.