USA crude exports surpassed 2 million barrels a day in the week ended February 16, nearing a record first reached in October.
"A marginally stronger dollar" is behind the slip in oil prices, said Giovanni Staunovo, commodities analyst at UBS Wealth Management.
Oil prices dipped on Friday as high USA crude exports outweighed lower crude inventories in the world´s biggest consumer of the fuel.
A stronger dollar pushes up the bill for countries paying for imports in other currencies, potentially curbing demand.
Crude prices gained more than 50% in the second half of 2017, partly boosted by OPEC's agreement.
U.S. West Texas Intermediate crude futures advanced 0.05 percent to trade at $62.80 per barrel and Brent crude futures were off by 0.02 percent at $66.38. MCX Crude oil futures closed up with smashing gains of 2% to end at Rs 4080 per barrel after hitting highs above Rs 4100 levels.
According to Kachikwu, who was addressing a press conference at the end of the maiden Nigerian International Petroleum Summit in Abuja, the proposed deal has implications for Nigeria's ambition to attract over $40 billion new investment targeted at increasing its oil production to 2.5 million barrels per day in 2019 and 3 million b/d in the next five years.
Current OPEC compliance with production cut plans remains above their historical average, and it usually takes between two to three quarters for inventories to normalize after the cuts.
The EIA said that imports of crude to the United States are now at the lowest levels, just below 5 million barrels a day.
"Given the market's whipsaw reaction we could add another key takeaway, that recent heightened market volatility could be here to stay", LCG markets strategist Jasper Lawler said.
The Organisation for Petroleum Exporting Countries (OPEC) says world oil demand has increased by 350,000 barrels a day in the past 12 months.
Energy stocks in Japan saw sharper gains, with oil producer Inpex trading higher by 2.55 percent and Cosmo Energy gaining 4.59 percent.
Getting the balance right in the market will always be a challenge, but OPEC and friends are determined to stay the course.
But if the popular critical view is correct and higher prices continue to encourage more production not just from the US but many countries around the world, the market will soon be swamped again with oil and prices will plummet.