OPEC also forecasts in 2016 daily demand for oil will increase by 0.09 mln barrels/day and to reach - 94,26 mln barrels/day.

Its previous production high was 10.56 million barrels a day in June 2015.

Mohammed Bin Saleh Al-Sada, energy and industry minister for Qatar and OPEC's president, this week said that oil prices since February have experienced a steady improvement following a decline in crude production, supply outages, and a decrease in inventories. At that time, OPEC members were not able to agree on any measures.

Oil prices rose as much as 1 per cent on Wednesday in anticipation the USA government would report a weekly drop in crude and gasoline stockpiles, tempering glut worries heightened by Saudi Arabia's record high oil output.

"At 523.6m barrels, United States crude oil inventories are at historically high levels for this time of year", the EIA wrote in its weekly report. OPEC, which uses secondary sources to monitor its oil output but also publishes a table of figures submitted by its 12 member countries, said the group's total production rose by 46,00 b/d to 33.106 million b/d in July from 33.059 million b/d in June. Global oil consumption will exceed supply by an average 170,000 barrels a day next year, which compares with a 10,000 barrel surplus in July's outlook. "At this time of year, we should be drawing down in crude inventories and we are still building". U.S. inventories rose by 2.09 million barrels last week, the American Petroleum Institute was said to report.

Oversupply concerns continue to weigh on the oil price, though today's losses are relatively minor, after the weekly U.S. crude inventories report today.

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Saudi Arabia and Iran are showing no letup in their market share war, just days after OPEC announced an informal meeting to discuss ways to stabilize falling prices. For 2017, world oil demand is forecast to grow by 1.15 million barrels a day, unchanged from last month's report.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $42.73 per barrel at 0031 GMT, down 4 cents from their last settlement, up 3 cents from their last close.

Meanwhile, non-OPEC oil supply keeps dropping.

Saudi Arabia typically pumps more oil in the summer to meet higher domestic energy demand from air conditioning.

Since 2014, Saudi Arabia has resisted pressure from other producers to cut production, betting that the low oil prices will force other exporters, such as the USA, to cut their output.