The EIU also predicted that Opec will be forced to keep limits on its production beyond the end of the current agreement in March 2018, in order to prevent a wave of oil from returning to the market and sending prices plummeting.
Sign up now and get breaking news alerts delivered to your inbox. Supplies at the Cushing, Oklahoma, oil hub were down by 833,000 barrels.
US stocks were little changed on Wednesday after the Federal Reserve made a widely expected move to raise interest rates for the second time in three months.
WTI was trading up 0.8% at $46.45 per barrel at 3:11pm EST-more than $1.50 per barrel lower than a week ago-with Brent trading at $48.74, compared to $50.05 per barrel last week. The oil price has declined more than 10 percent since the May agreement.
The problem for the Saudis is that it appears fellow Opec members are not doing as much to help the cause of rebalancing oil markets and therefore boosting prices.
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In the first five months of 2017 Saudi Arabia exported 7.48 million bpd via tankers, down 440,000 bpd from 7.92 million bpd in the same period in 2016.
OPEC's own compliance with the cuts has been questioned, and the producer group said in a report this week that its output rose by 336,000 bpd in May to 32.14 million bpd.
"We think this effectively takes September off the table", said Ian Lyngen, head of USA rates strategy at BMO Capital Markets in NY, in reference to the impact of the data on the probability of a September Fed rate increase.
Fesharaki believes that Saudi Arabia and its allies will have to deepen their cuts if they want to provide any support to crude oil prices. Some of last year's readings inched closer to implied demand of 10 million barrels a day, he said.
Indeed, the U.S. Energy Information Administration reports that shale production will jump again in July by 127,000 bpd to 5.5 million bpd, with the biggest gains coming from the Permian basin in west Texas.