International

"The expected increase in OPEC's net export earnings is attributed to slightly higher forecast annual crude oil prices in 2017 as well as slightly higher OPEC output during the year," the EIA said.

OPEC's pledge to tighten the market is also being undermined by oil drillers in the United States.

Goldman Sachs says that the U.S. rig count for new oil production had jumped by 404 since May last year, a rise of 128 percent.

U.S. oil production has already climbed by 10 percent, or almost 900,000 bpd, since mid-2016 to 9.3 million bpd.