In its latest Short-Term Energy Outlook, the EIA forecasts US crude oil production to average 12.1 million b/d in 2019 and 12.9 million b/d in 2020, with most of the growth coming from the Permian region of the state of Texas and New Mexico.
The IEA left its estimate for global oil growth in 2019 unchanged at an increase of 1.4 mbd, saying "the impact of higher oil prices in 2018 is fading, which will help offset lower economic growth".
Ashton Whiteley analysts say prices have been negatively impacted by disappointing trade data out of China which revealed a decline in imports and exports as the trade tariffs imposed by the U.S. during the course of a year ago begin to take their toll.
International Brent crude oil futures were up 62 cents, or 1.01 percent per barrel at 0955 GMT.
US gasoline production increased last week, averaging 9.6 million barrels per day.
Hedge funds boosted their net wagers on rising Brent crude prices by 9 percent in the week ended January 15, mostly because they continued to unwind a short-selling spree from the end of 2018, data from the ICE Futures Europe exchange show.
The U.S. crude output could soon challenge the market share of Saudi Arabia and Russian Federation, the International Energy Agency (IEA) said. In November, waivers were announced for eight major Iranian oil importers, among them China, India, Japan, South Korea, Turkey, Taiwan, Italy, and Greece.
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U.S. output has climbed by 2.4 million bpd since January 2018 and stockpiles of crude and refined products have risen sharply, U.S. Energy Information Administration data showed.
According to exchange data compiled by Bloomberg, as of last Friday, WTI Crude had gained 18 percent since the beginning of 2019, making this the best start to a year for the US benchmark since 2001. Production may decline by about 350,000 barrels a day on average in 2019, they said, adding that a drop of double that is a "real possibility".
On Friday, oil prices surged as Baker Hughes reported a drastic reduction to the number of active oil and gas in the United States in the week.
Crude prices also drive the cost of fuel made at the Marsden Point refinery, and the country's seasonal imports and exports of LPG.
Opec secretary-general Mohammed Barkindo last week said the organisation remains "acutely conscious" of the importance of a sustainable, stable oil market for the global economy.
With the rig count stalling, last year's growth rate is unlikely to be repeated in 2019, although most analysts expect annual production to average well over 12 million bpd, making the United States the world's biggest oil producer ahead of Russian Federation and Saudi Arabia.
EIA forecasts global oil demand to grow by 1.5 million b/d in 2019 and in 2020, with China as the leading contributor in both years.