End of OPEC production cuts in June would be surprise - IEA

US oil production, led by record output in Texas, averaged more than 10 million barrels a day for the first time since 1970 as oil prices rose, drillers became more efficient, and export markets grew. New Mexico produced 528,000 barrels per day in November, the same tally as in October.

"The rebalancing of the oil market has likely been achieved, six months sooner than we had expected", Goldman's analysts wrote.

Taylor sees prices rising on the back of "robust" growth in global demand, but tipped the market would remain "boringly rangebound" in the short and medium term.

The lowest daily production total from November 1970 to November 2017 was 3,971 barrels per day in September 2008. In recent months, WTI prices have climbed higher and the rig count has also started to turn up again, which should boost production in the second half of 2018.

Goldman Sachs on Thursday raised its 2018 oil price forecasts, projecting that Brent crude will soon top $80, fueled by blockbuster oil demand, a deal among big producers to limit output and USA drillers' inability to meet the world's growing energy appetite.

Here's the U.S.'s short but epic journey from a grateful importer of OPEC oil to a promising global energy exporter.

It notes that many USA drillers and oil majors have vowed to focus on efficiency and fiscal discipline at the expense of runaway production growth. Last week, production reached 9.88 million b/d, its highest weekly rate since 1983. West Texas Intermediate, the USA benchmark for the price of oil, was up 0.9 percent to $65.31 per barrel.

As a result of efficiencies in operations, Shell is now making as much money with oil at an average of US$54 a barrel as it did when the price was around US$100 a barrel.

USA commercial crude oil inventories increased by 6.8 million barrels from the previous week: for the first time in almost three months.

Brent for April delivery traded up 52 cents at Dollars 69.41 a barrel at 11:45 a.m.in London after earlier rising to USD 69.67.

While there are fears that US production is growing too quickly and could undermine oil prices by creating a new glut, global oil inventories are still down.

Other analysts are not convinced that the markets justify such a high price.

The volumes shown here for each play are geologic formation subsets of the regional values presented in EIA's Drilling Productivity Report.

The aggressive bullish run that's been seen in Oil prices over the past seven months softened this week in both WTI and Brent. Its "New Oil Order" outlook - where shale production transforms global supply - is on hiatus, but not finished, the bank said.

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  • Eleanor Harrison