Producers will hope this growth remains strong as they enter the second month of the year with a more optimistic outlook.
Giovanni Staunovo, a commodity analyst for UBS, told UPI the record-breaking output from the United States would normally send oil prices into negative territory.
Prices are up for a third day on Friday, supported by a Reuter survey that showed strong compliance with production cuts by OPEC and other major producers including Russian Federation.
USA commercial crude oil inventories increased by 6.8 million barrels from the previous week: for the first time in almost three months.
Syria Might Be Making New Chemical Weapons
The group claimed that volunteer Bilal Bayram was among the victims who was "suffocated by the chlorine gas attack". The official was referring to Russia's media offensive to deny its connection to chemical weapons use in Syria .
Oil prices extended gains on Thursday as a weaker US dollar made the dollar-priced commodity more attractive for holders of other currencies.
Supply cuts by OPEC and its allies helped shrink global stocks over the past few months, lifting near-term contracts above those for later delivery and reducing the incentive to store crude. This achievement is all the more impressive in light of the fact that two large OPEC producers - Libya and Nigeria - did not take part in the cuts because they were in active oil industry recovery mode.
That deserves some repeating: Goldman Sachs believes that the closely-watched metric - the five-year average inventory level - which OPEC is targeting, and which has received a lot of speculation around when it would be reached, has probably already been achieved.
Top exporter Saudi Arabia boosted output by 50,000 bpd, according to sources in the survey who cited higher exports for much of January. As a result of this recovery, Bloomberg Gadfly's Liam Denning notes, they offset one in four barrels that the rest of OPEC took off the market previous year.
The killer whale that can say 'hello' and 'bye bye'
For decades, scientists have suspected that orcas acquire these dialects through social learning rather than genetic inheritance. Though the recordings are not flawless , they are recognizable, including when she says, " Amy ", the name of her trainer.
The Caribbean is home to more than 140 million barrels of commercial storage for crude and refined products, according to data compiled by Morningstar Inc. and Bloomberg.
As US production and exports grow, global firms that increasingly buy US oil are offsetting their exposure by trading in US financial markets. In 2018, demand growth shoots up to a staggering 1.86 mb/d, the investment bank predicts, before easing just a bit to 1.6 mb/d in 2019. WTI prices were about $60/bbl last month.
USA crude, meanwhile, is flowing into global markets.
Purchasers worldwide say the USA contract may have to change, however, to reflect the price at export hubs such as Houston. That, combined with collapsing Venezuela production, has accelerated the rebalancing effort.
Cops Catch Cars Packed With 4000 Kilos Of Stolen Oranges
Later it was revealed that a ship in the nearby town of Carmona reported a theft just hours before of a large number of oranges. Authorities continued questioning the people and majority couldn't explain where the four tons of oranges had come from.
The six-country monitoring committee, which includes Russia, Kuwait, Venezuela, Algeria and Oman, will meet again in April in Saudi Arabia, with an exact date and venue yet to be decided.