However, the high compliance rate in the latest data includes a sizeable drop in Venezuela's production level of more than 0.2 MMBPD in 2017.
At the same time, I don't think they're going to be too upset with Brent at $68.50 per barrel.
The price of Brent crude oil topped $70 per barrel briefly January 11 for the first time in more than three years. OPEC in December, however, produced about 50,000 barrels per day more than in November.
Import and Export Prices for December will be issued at 8.30 am ET.
The agency said its forecast of $60 Brent this year and $61 in 2019 is based on an expectation that global oil inventories will rise this year and next, contributing to a decline in Brent prices in the first quarter of the year, with prices expected to remain relatively flat thereafter through 2019. As a result, pipeline capacity constraints should not be a major limiting factor in starting new production, he said.
Though production hasn't been impacted, the protests are widely viewed as reason enough for U.S. President Donald Trump to go against the principles of the Joint Comprehensive Plan of Action - the United Nations -backed Iranian nuclear deal - and decide Friday to re-impose oil-related sanctions on Iran. The bounce-back from the flirtation with the psychological ceiling at one point in overnight trading left the USA benchmark, West Texas Intermediate, down more than 1 percent.
USA demand growth of 150,000 bpd was estimated for 2017, slightly lower than previous expectations.
US crude production is forecast to average 10.3 million bpd in 2018, which would be the highest annual average USA production, surpassing a previous record of 9.6 million bpd in 1970.
Despite the prospect of flat crude oil prices into the future, EIA forecasts total US crude oil production will increase to an average of 10.3 million b/d in 2018, up 1.0 million b/d from 2017.
Some 800,000 bpd of the projected 1.2 million USA increase from December 2017 to December 2019 is expected to come from tight rock formations in the Permian region in Texas and New Mexico, the agency said. The average production in 2019 will rise 580,000 bpd to 10.85 million bpd, the agency said in its first outlook for next year. EIA expects consumption growth will average 1.7 million b/d in 2018 and 1.6 million b/d in 2019, driven by the countries outside of the Organization for Economic Cooperation and Development (OECD).
Only Russia and Saudi Arabia have produced more crude, hitting peak output of over 11 million bpd and about 10.7 million bpd respectively in recent years.
As Asian demand for crude oil and petroleum products increase, supply considerations to transport crude oil to Asia are increasingly part of the price formation for global crude oil benchmarks.