America Now 'Pumping More Oil' than Saudi Arabia, Russia — USA UNLEASHED

The agency said us crude oil production will average 10.9 million barrels per day in 2018 and rise to an average of 12.1 million barrels per day in 2019.

That's a threefold increase from the USA low reached a decade ago, and a 22.2 percent rise just this year. It makes the United States the world's biggest producer of crude.

The record USA production has been a moderating factor of oil prices, although oil got a bump on Thursday after record Chinese crude imports eased concerns that a slowdown in the world's No.2 economy could stoke an emerging fuel glut. US crude futures fell 67 cents, or 1.1 per cent, to $61.00 a barrel.

Crude stocks moved back above their five-year average levels in October.

Futures tumbled 1.6 per cent Thursday, extending a decline from the October high to more than 20 per cent, meeting the common definition of a bear market.

U.S. West Texas Intermediate (WTI) crude futures were at $61.95 per barrel, up 28 cents, or 0.4 percent, from their previous settlement.

Worldwide oil customers should brace for pain as USA sanctions on Iran take hold, the Islamic Republic's oil minister has warned, arguing that waivers Washington granted to eight major oil-importing countries are not enough to keep global markets stable. The Energy Information Administration just increased its 2019 production forecast by 300,000 barrels a day to 12.06 million.

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Crude output hit 11.6 million bpd, a weekly record, though weekly figures can be volatile. Most recent monthly data for August showed overall production at more than 11.3 million bpd.

"Crude oil imports rose ... as uncertainty around tariffs on USA imports and sanctions on Iran eased", said ANZ bank following the data release.

"We also saw demand from China's independent refineries rise", it added.

Saudi-led oil cartel and its allies, including Russian Federation, decided in June to relax output curbs in place since 2017, after pressure from United States (U.S.) President Donald Trump to reduce oil prices and make up for supply losses from Iran.

"The market is now going to look to Opec and non-Opec producers to rein in production as the United States has granted eight countries waivers from sanction, which in essence adds to supply", said Andrew Lipow, president of Lipow Oil Associates in Houston.

"OPEC and Russian Federation may use (production) cuts to support $70 per barrel", said Ole Hansen, head of commodity strategy at Saxo Bank.

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