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The U.S. Energy Information Administration reported total January crude oil production averaged 10.2 million barrels of oil per day, an increase of 100,000 barrels per day from December.

OPEC and its partners made a decision to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.

The U.S.'s crude production last week caught up with Saudi Arabia, that averaged 9.92 million bpd in December, according to the most recent data based on OPEC's Monthly Oil Market Report released January 18.

The crude oil price moved closer to its lowest levels since the beginning of 2018 against the rising U.S. production, which casts doubt on the efforts of the Organization of Petroleum Exporting Countries (OPEC) to tighten the market and stimulating prices.

The EIA also forecast that US output will average 10.6 million bpd this year, enough to continue surpassing Saudi Arabian output.

Also supporting oil prices has been the continued weakness in the dollar, which has helped demand.

On Thursday, OPEC member Iran announced plans to boost production within the next four years by at least 700,000 barrels a day.

The EIA's weekly data came on the heels of an upwardly revised forecast for total US production this year and next.

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Although crude oil is produced within the country, it was generally meant for domestic consumption, and the US has never been an exporter of crude-until recently, when the US Congress permitted shale-oil producers to export locally produced crude to global markets. "Generally, a stronger dollar suppresses demand for dollar denominated commodities like crude oil, since consumers outside the U.S. who have to acquire dollars as foreign exchange slow down buying", said an oil ministry official.

The United States' surging production of crude oil is now making it a seller of petroleum in the Middle East.

On Wednesday U.S. equity futures fell and the dollar rose.

US West Texas Intermediate futures for March delivery dipped 76 cents, or 1.18 per cent, to settle at US$63.39 a barrel, the lowest since Jan 22. Prices are headed for a third straight decline, their longest losing streak since November 29.

Concern that American oil may thwart a further rally in crude prices has also been weighing on investors' minds.

Crude inventories rose by 6.8 million barrels in the last week, compared with analysts' expectations for an increase of 126,000 barrels.

"What's happening in the U.S. has become critical to the oil market, whether it's inventories and production figures or the movement in the greenback", Will Yun, a commodities analyst at Hyundai Futures, said by phone from Seoul. "We're still trading around those levels, but need to wait and see what the United States markets will do".