The new OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Oriente (Ecuador), Minas (Indonesia), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Qatar Marine (Qatar), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).
Meanwhile Reuters reports that oil fell on Tuesday, as rising output from the Middle East and North Sea renewed concerns about a global supply overhang.
Futures had risen by more than 1 percent earlier on Tuesday as the dollar slipped to an 18-month low against the yen, potentially spurring fuel demand.
Brent crude futures were down 25 cents at $45.58 per barrel at 7:23 a.m. ET (1123 GMT). U.S. crude futures were fell 39 cents to $44.39 a barrel.
Iraq said its oil shipments from southern fields averaged 3.364 million barrels per day (bpd) in April, up from 3.286 million in March.
Production from top exporter Saudi Arabia was 10.15 million bpd in April, but sources said it may return to near-records of 10.5 million bpd soon.
Iran is also raising output following an end to sanctions in January, having increased its exports to almost 2 million bpd from a little over 1 million bpd at the start of the year.
Daily supply of North Sea Brent crude oil, which contributes to the futures benchmark, will rise in June to its highest in four months, up 17 percent from May, according to monthly loading programs provided by trading sources.
“There are enough supply stories out there to slow or temper any gains,” Richard Mallinson, analyst at Energy Aspects said, though he added lower supply from the United States should be supportive to prices in the longer term.
U.S. production has slumped from a peak of around 9.6 million bpd in June 2015 to below 9 million bpd now, according to government data.
This helped lift crude by nearly 70 percent from decade lows hit in early 2016.
Demand worries also returned to the horizon after China’s factory activity shrank for a 14th straight month in April.
Barclays said China’s oil demand grew by 180,000 barrels per day (bpd) in the first quarter, smaller than in previous years.
“A key area to watch is the Chinese car industry,” the bank said.
China’s car sales have been strong, but many analysts expect growth to fizzle as a government incentive scheme to support sales ends by the end of 2016.