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In addition, the Kurdish Regional Government, which also controls some production of oil in the northern part of Iraq, is trading less crude with its national government over disputes in payments, reported the IEA.

In its July report, the first to provide insight into 2016, the IEA said annual crude oil gains in the United States next year should decline to 0.3 million b/d from 1.7 million b/d in 2014 and 0.9 million b/d this year.

Prices slid 7.4% for the week.

China’s benchmark Shanghai stock index surged more than five percent in afternoon trading on Thursday, extending gains after the government issued more policies to halt a market slide, but analysts said it was unclear whether the rally would be sustained. Prices...

Oil prices, 45% lower than a year ago, may need to decline further to reduce the supply surplus, the IEA said.

U.S. benchmark West Texas Intermediate for August delivery dropped 14 cents to $52.19 a barrel and Brent tumbled 13 cents to $56.72, both reversing an earlier uptick.

A more near-term negative for crude, however, could be the slowdown in USA gasoline demand, expected to be peaking this week with Fourth of July holiday driving.