Despite this, OPEC´s latest report said producers were cutting more than required under the deal, while producers not party to the agreement, such as USA shale companies, were starting to face constraints on future output.
Fears of a trade war emerged in April when both sides engaged in a multi-billion dollar tit-for-tat over tariffs.
The OPEC report, published Monday, showed Venezuelan production at its lowest in decades and said the global oil glut had been virtually eliminated. And the U.S. Energy Information Administration reported that oil production in the seven major shale plays in the U.S.is expected to hit a record of 7.18 million barrels a day next month, up 144,000 barrels a day from this month.
The company's revenues increased "on the back of higher crude oil prices and optimization in sales channels despite the remaining constraints in production within the OPEC+ Agreement", it said on a statement issued on Monday.
The surge in oil prices comes at a time of tight supply amid record Asian demand and voluntary output restraint by the Organisation of the Petroleum Exporting Countries and non-OPEC producers, including Russian Federation.
The Organization of the Petroleum Countries said in its monthly report Monday that petroleum stockpiles in the developed world stand just 9 million barrels above the five year average - a sign that the glut that weighed on the market for years is almost gone.
OPEC economists, however, expressed concern on spending on future projects in the industry. The IMF said it expects the price of oil to be in the $60 range on average through next year, which would represent a 20 percent increase over last year.
Organization of the Petroleum Exporting Countries signalled the group and its allies were ready to step in should "geopolitical developments" impact supply.
The news of President Donald Trump's decision to pull the United States out of the Iran nuclear deal sent oil prices surging, reaching a four-year-high due to the uncertainty that comes with the sanctions that may be reimposed on Iran. The US is about to overtake Russian Federation as the world's top producer. The main goal of the supply deal was to reduce excess oil stocks to the five-year average. "That absolute plunge in Venezuelan production. just highlights how tenuous the market is in terms of the supply and demand balance", said John Kilduff, Partner at Again Capital LLC.