A pumpjack pumps oil from a well on a farmer's frozen field in a Pembina oil field near Pigeon Lake, Alberta, Canada.
Opec's self discipline and a surprise reduction in US crude inventories signaled tightening supplies, but concern that the US-China trade dispute won't end soon limited gains at week's end.
Futures in NY traded near a four-month high, and on course for a 5% weekly advance.
Production is expected to increase 1.35 million bpd compared to the previous year, but will grow more slowly than the previous forecast of 1.45 million bpd. A surprise drop in U.S. crude inventories reported on Wednesday added to signs of a tightening market.
Two sources told Reuters that the United States also aims to curb Iran's crude exports by about 20 percent to below 1 million barrels per day (bpd) from May, likely reining in waivers for Tehran's remaining customers. The newspaper article also states that US energy gains will have a price for the environment and that Change.org has described the situation as a "climate disaster".
"OPEC's compliance was a robust 94 percent, compared to 51 percent from non-OPEC", said the IEA, adding that major producer Russian Federation was continuing to adjust its production gradually.
U.S. West Texas Intermediate (WTI) crude futures were at $58.11 per barrel, down 15 cents or 0.26 percent. The contract rose 35 cents to US$58.61 on Thursday, the highest since November 12.
International Brent crude oil futures marked a 2019-peak of $67.80 per barrel in Asian morning hours.
US energy firms this week reduced the number of oil rigs operating for a fourth week in a row, with drilling slowing to its lowest in almost a year, prompting the government to cut crude output growth forecasts. "The United States is increasingly leading the expansion in global oil supplies, with significant growth also seen among other non-Opec producers, including Brazil, Norway and new producer Guyana", the IEA report underlined. The Joint Technical Committee and Joint Ministerial Monitoring Committee deliberations in Baku will be followed by another meeting in Vienna next month.
The power crisis in the South American country that disrupted crude exports this week could return or worsen, threatening 1.2 million barrels per day (bpd) of oil supplies, or more than one-percent of global output. As a outcome, it indicated the risk of a renewed surplus emerging in the fourth quarter, even as the group's output declines as a result of planned and involuntary cutbacks. The report said rising production outside the group pressed the need for continued restraint by OPEC+.