The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could deepen Situation_deteriorate the surplus Oversupply as there may be no change Movement.flat in the output situation for the near-term with Libyan production likely to remain bullish Grow.strong in 2013 as well .

The U.S. shale boom Grow.strong and threat of a global recession could lead to a oil-supply glut Oversupply , potentially driving OPEC to signal that it 's ready to deepen Situation_deteriorate supply curbs Cause.movement.down.loss .

However , a weakening Slow.weak global economy could deepen Situation_deteriorate the supply surplus Oversupply it said .

However , a softening Slow.weak global economy could deepen Situation_deteriorate the supply overhang Oversupply it said .

VIENNA -LRB- Reuters -RRB- - OPEC sailed through a brief , calm meeting on Wednesday - even as oil prices rose Movement.up.gain to $ 110 a barrel on concern Negative_sentiment renewed strife Civil.unrest could hit Iraq 's output and deepen Situation_deteriorate a supply shortfall Shortage from chaotic Libya and sanctions-bound Iran .

The bulls might get what they 're waiting for in June if other major producers decides to hold Movement.flat or even deepen Situation_deteriorate output caps Cause.movement.down.loss , thus providing support for higher Movement.up.gain oil prices .

The agency said a mild winter in Europe and the U.S. and problematic conditions in emerging markets like China could deepen Situation_deteriorate the supply surplus Oversupply as there may be no change Movement.flat in the supply situation for the near-term with Libyan production likely to remain healthy Grow.strong in 2016 as well .