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US Crude Output Rises to 10 Million/BPD

10 February 2018

Meanwhile, U.S. production is growing, and the latest Short-Term Energy Outlook by the Energy Information Administration projects the daily average to reach 11 million bpd earlier than previously expected.

China's crude oil and other liquids production dropped the most among non-OPEC nations in 2016, and the EIA expects production to have booked the second-biggest such drop past year.

The number of rigs drilling for crude in America jumped to the most in nearly six months, and USA output breached 10 million barrels a day in November, the highest in more than 40 years.

USA and Brent crude futures have slid more than 11 percent from this year's peak in late January.

Worldwide benchmark Brent crude was down 2.6 percent to $65.44 at 1140 EST (1640GMT), while American benchmark West Texas Intermediate fell to $61.62 - a 3.5 percent loss.

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In November, oil production surpassed 10 million bpd for the first time since 1970, and neared the all-time output record. JP Morgan also predicted a higher oil price in the coming months. This week, Iran's oil minister said his country was ready to ramp up production if the cartel scraps output limits by at least 100,000 barrels per day within "five or six days".

U.S. energy exports now compete with Middle East oil for buyers in Asia.

The futures market is in backwardation where prompt oil prices exceed those for future delivery 0#CL: , suggesting investors expect demand to outpace supply.

On Wednesday U.S. equity futures fell and the dollar rose.

Crude oil has also been under pressure from a stronger USA dollar, which is on track for its biggest weekly rise in more than a year. China was the top oil importing country in the world a year ago as it brings more refining capacity online and fills strategic inventories, while domestic oil production continues to decline.

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March West Texas Intermediate crude fell 76 cents, or 1.2%, to settle at $63.39 a barrel on the New York Mercantile Exchange.

Mr Altaie said that "I see Opec compliance sustaining a couple of months as long as the prices are sustained at the current levels". Russian Federation has maintained its side of the deal with steady production of 10.95 million barrels a day.

"We think that surging supply and slowing demand growth will tip the market back into a surplus this year", analysts at Capital Economics said in a note.

Crude volatility continued higher, with the Cboe/Nymex Oil Volatility Index rising 6.2% on Tuesday after its biggest one-day gain since December at the start of this week. Brent slipped to its lowest for the year at $65.12 a barrel early in the session.

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US Crude Output Rises to 10 Million/BPD