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

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

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.

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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.

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