Oil prices have declined in the face of increasing production from producer group The Organization of the Petroleum Exporting Countries (OPEC).

Benchmark Brent crude oil futures dipped seven cents to trade at $76.14 a barrel, while US West Texas Intermediate (WTI) crude futures decreased by 11 cents to reach $68.76, Reuters reported.

Prices were supported by supply risks from certain regions, including Venezuela, Africa, and Iran.

Traders opined that markets were range-bound due to mixed price signals.

Oil producing members who are a signatory to a supply-reduction agreement cut production last month by 9% more than what was agreed in the deal, the news agency reported citing findings of the monitoring committee of the OPEC.

For the two months prior to last month, a compliance level of 120% and 147% were identified.

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By GlobalData

However, the latest findings indicate significant production increases from participating nations.

“The latest findings indicate significant production increases from participating nations.”

OPEC and other producing members, including Russia, reached an agreement to reduce output from 2017 by around 1.8 million barrels per day (bpd).

Meanwhile, ANZ bank noted that investors were anticipating a rise in US crude inventories this week as certain refineries are set to undergo maintenance.

The International Energy Agency (IEA) warned that there could be further supply disruptions from Venezuela, which is embroiled in an economic crisis.

Trade flow data indicated that the country’s crude oil exports fell by more than half in the past two years to one million bpd by mid-2018.

IEA executive director Fatih Birol said: “We can expect a further fall.”

Despite recent improvements, OPEC-members Libya and Nigeria seem to be fragile in terms of supplies, Birol added.