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

The agency said USA 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 United States low reached a decade ago, and a 22.2 percent rise just this year.

Russian Federation pumps an average of 10.8million bpd and Saudi Arabia, about 10.5million bpd.

Japan leading crude oil wholesaler JXTG Holdings Incorporation says it is preparing to resume imports from Iran after the USA issued a waiver for Tokyo to continue its purchases of oil from the Islamic Republic.

The U.S. Energy Information Administration said U.S. oil production will be higher this year and in 2019 than previously forecasted.

The record United States 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.

U.S West Texas Intermediate crude prices were down almost 1 percent to roughly $61 per barrel in midday trading, down about 20 percent from record prices of $76.41 a barrel in early October, and fell as low as $60.83.

Front-month Brent crude oil futures were at $72.27 a barrel at 0800 GMT, up 21 cents, or 0.3 percent, from their last close.

Crude output hit 11.6 million bpd, a weekly record, though weekly figures can be volatile.

Commenting on this data, "Once again, the USA has shown that when it is economic to do so, it can increase production at a greater pace than Saudi Arabia".

While Iranian oil exports are expected to fall after U.S. sanctions took effect on Monday, reports from Opec and other forecasters have indicated the global oil market could have a surplus in 2019 as demand slows.

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

WTI Crude prices slipped on Thursday by more than 20 percent from the four-year high hit just last month, entering bear market territory, as oil production in the United States continues to grow, Russian Federation and Saudi Arabia put a lot more oil on the market, while the global economy and oil demand growth are starting to show signs of slowdown.

A return to oil production cuts by the Organisation of Oil Exporting Countries (OPEC) and its allies can not be ruled out next year, a senior OPEC source said yesterday.

"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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