United States oil output is booming and seen outpacing Saudis, Russia

Source U.S. Energy Information Administration Monthly Energy Review and Short Term Energy Outlook

The energy watchdog forecast USA supply growth will push its output past 10 million barrels per day (bpd), overtaking Saudi Arabia and rivaling Russian Federation.

Rising prices have, in turn, made it more attractive for shale companies to increase drilling.

Brent crude futures LCOc1 were trading 69 cents as below as $68.53 a barrel at 11:22 a.m. EST (1622 GMT).

It is for more than 35 years that the natural gas of country is exported to other countries via pipelines connected to Pakistan and India, so that it can be said that designing a strong and influential diplomacy in gas exports is considered as one of the most important priorities in the field of country's energy diplomacy.

New forecasts from the International Energy Agency say the United States is on track to overtake Saudi Arabia as the second-largest oil producer in the world, just behind Russian Federation, according to the organization's report on Friday.

For now, the extra crude from the U.S. is meeting growing demand as the world economy expands at a strong pace.

The Energy Information Administration showed production levels at 9.75 million barrels last week.

The five-year average is around 420 million barrels, so stocks are now at a 3-year seasonal low.

Pope defends Chilean bishop from accusations of covering up sexual abuse
The emeritus archbishop of Santiago subsequently apologized for having refused to believe the victims from the start. Francis has not named new members, and the committee's future remains unclear.

Oil rebounded after slipping below $69 a barrel on Thursday, supported by a record drawdown of US crude stockpiles at the Cushing, Oklahoma delivery hub, despite concerns that OPEC-led output cuts will increase supply from the United States.

The global demand for oil this year is predicted to rise over a million barrels a day.

The key stabilizer credited with bringing strength back to the market has been the OPEC, no-OPEC production cut agreement. "Demand is going to continue to surprise on the upside".

But the forecast was balanced by figures in the report showing OPEC's compliance with the supply cuts remained high in December and a further sharp slide in Venezuelan oil output.

Al Mazrouei said, "all of those give the right signals to market and we have seen the market giving us back right signals in terms of reducing inventories, in terms of approaching market recovery and we are in good shape, I'm optimistic the rest of the year will be good as well".

This weekend's meeting in Oman will set the scene for the year ahead.

It comes after US President Donald Trump a year ago vowed to withdraw his country from the Paris Climate Change Agreement, claiming signing the accords had harmed the US' economic prospects.

Related:

  • Family: Tom Petty died of accidental drug overdose

    Family: Tom Petty died of accidental drug overdose

    Petty's family said today his death past year was due to an accidental drug overdose. U.S. singer Tom Petty died from an accidental drug overdose, his family said.
    Trump Says 'I Am Not a Racist,' Talks DACA, North Korea

    Trump Says 'I Am Not a Racist,' Talks DACA, North Korea

    It's at this meeting last Thursday where Trump is said to have used a vulgarity to describe African countries. Dick Durbin (D-Ill.) speaking at the Center for American Progress in Washington , D.C., Tuesday, Nov 27.
    Donald Trump said 'shithouse' and not 'shithole', claims White House source

    Donald Trump said 'shithouse' and not 'shithole', claims White House source

    The physician spent roughly an hour answering reporters' questions about Trump's exam, many of which focused on his mental state. Trump's disparaging comments received quick condemnation in the civil rights community and across the political spectrum.
  • What we learned from 365 days of Trump polls

    What we learned from 365 days of Trump polls

    Of the 134 countries, approval ratings declined sharply in 65 of them - many of which are US allies and partners. But in that poll, Trump's approval rating was lower than it was in December, when it stood at 41 percent.
    Viola Davis speaks to 'Me too' moment at LA Women's March

    Viola Davis speaks to 'Me too' moment at LA Women's March

    On his inauguration, angry Americans staged demonstrations around the country to express their disdain for Trump. Boo Geyer, organizer of a rally in Vancouver, said the message has already begun to reach a wider audience.
    Trump touts 'unprecedented economic success' in Women's March tweet

    Trump touts 'unprecedented economic success' in Women's March tweet

    According to the Center for Disease Control, murder rates are highest among non-Hispanic black women and Indigenous women. In New York City , an electrified crowd - estimated at more than 120,000 people - stretched for some 20 blocks.
  • Warriors' Splash Brothers struggle in 116-108 loss to Rockets

    Warriors' Splash Brothers struggle in 116-108 loss to Rockets

    Throughout the game, the Rockets capitalized on their 46 rebounds and 19 turnovers by the Warriors to come out on top. Jimmy Butler led Minnesota with 23 points, and Karl-Anthony Towns added 22 points and 16 rebounds and five blocks.

    Australian Open: Novak Djokovic progresses to round four despite injury scare

    Monfils fought off a couple of break points as he served for the set before he took it in 47 minutes with a put away at the net. He is playing in his first event since Wimbledon in July previous year after a six-month lay-off with an elbow injury .
    Brady fends off injury questions

    Brady fends off injury questions

    Offensively, the Jaguars averaged 27.1 points and 375.1 total yards (229.8 in passing and 145.3 in rushing) per game. Wanna know the difference between the New England Patriots and Pittsburgh Steelers? The Evil Empire isn't dead yet.
  • Walmart to raise starting hourly wage to $11, offer paid parental leave

    Walmart to raise starting hourly wage to $11, offer paid parental leave

    With Thursday's announcement , Walmart joins other major corporations here in rewarding employees because of the new tax law. The retail giant said the pay raises would take effect February 17 and the bonuses paid sometime after this month.
    Eagles-Vikings NFC Championship Game Predictions

    Eagles-Vikings NFC Championship Game Predictions

    When a team hasn't been to a Super Bowl in a long time , it creates even more pressure and excitement once it reaches this point. When the Eagles and Vikings meet for the NFC championship, it will be all about defense. "That, and it is a matter of will.
    Thousands join Vancouver women's march on day of protests across Canada, US

    Thousands join Vancouver women's march on day of protests across Canada, US

    Organized by March On Vancouver, speakers at the event included Annie Ohana, a teacher at Surrey's L.A. Here are some photos from Saturday's Women's March in Vancouver.

Comments

Latest news

Filmfare Awards 2018: Vidya Balan, Irrfan Khan Are Top Winners
Badrinath Ki Dulhania , Bareilly Ki Barfi , Secret Superstar and Toilet Ek Prem Katha were the other nominations. The film also won the Filmfare Critics Award for Best Film while Hindi Medium won the Best Film (popular) Award.

North & South Korea agree to participate in Winter Olympic
It wasn't immediately clear whether the two-day visit, which was to begin on Saturday, was canceled or just postponed. A 140-piece orchestra from North Korea will perform in the country during the Olympics as well, per Sky News.

Chouhan asks advocate general to review SC's order on 'Padmaavat'
Kataria also asked the Karni Sena, a group protesting against the film, to be a party to the petition. There are close to 280 cinema hall screens in Rajasthan.

Everything President Trump has tweeted (and what it was about)
Another Democrat President Bill Clinton faced White House shutdown twice during his tenure between 1992 and 2000. Barack Obama administration had extended them protection. "Shutdown coming?" he tweeted to begin the day Friday.

Shah, Yogi address new voters in Varanasi
Meanwhile, over 40 Congress supporters were arrested for protesting at the venue. The turnout, however, was not as expected, said organisers.

2 civilians killed, 5 injured by Indian shelling across LoC: AJK official
Indian forces on Friday resorted to unprovoked ceasefire violations along the Working Boundary for the second consecutive day . As a result, Muhammad Irfan, 24, in village Merajke and Wasim Akram, 30, and Bashir, 56 in village Charwah were martyred.

USA aggressive warfighting edge has slipped, says Jim Mattis
To deter enemies, the military has to make it hard, if not impossible, for them to interfere with US satellites. The Pentagon released the U.S.

USA government shuts down as White House pins blame on Democrats
The U.S. government shut down at midnight after Congress failed to resolve a partisan standoff over immigration and spending. Hegseth asked the White House spokesperson where the Democrats were going with this by claiming "this is all about greed".

Salem State football player killed at on-campus shooting at Wake Forest
Wake Forest University is investigating a video that has surfaced on social media involving a racial slur. Baker was rushed to the hospital, where he later died from the gunshot wound.

Dow closes above 26000 for first time in its 121-year history
Bank of America ( BAC .N) was down 0.2 percent after a $2.9 billion one-time tax charge almost halved its reported profit. The S&P 500 posted 86 new 52-week highs and six new lows; the Nasdaq Composite recorded 107 new highs and 31 new lows.

Sanchez to Manchester United: Wenger gives condition for new Arsenal deal
Maybe in the future more clubs will spend more than £100 million (RM546 million) on one player, like some teams already have. The Portuguese coach added that he will inform the media on his view on Sanchez if they eventually sign the Chile global .

Brady (hand) will start versus Jags
Can they put pressure in the pocket? I suspect that it could be a minor factor in the game, but it won't be a major deterrent. The Vikings' defense has gone from worst to first since Mike Zimmer was hired as head coach prior to the 2014 season.

Kansas survives scare from Baylor, wins 70-67
Baylor's offensive rebounding often improves its chances, and it was that aspect of the game that kept the Bears alive Saturday. Three-Point Goals: 7-18, .389 (Newman 3-4, Graham 2-6, Vick 1-3, Mykhailiuk 1-4, Garrett 0-1).

Details emerge surrounding California creep couple who kept kids captive
A number of journals kept by the children found at the home will play a significant role in their parents' criminal trial. Robinette said she had always asked her sister about the size of her children because they were so small.

Tom Brady Questionable vs. Jaguars; Limited in Practice with Hand Injury
It would be shocking if Brady does not try to play on Sunday, but the bigger question is what level Brady will be able to play. When the Jaguars run: Jacksonville racked up the most rushing yards in the National Football League during the regular season.

Other news