Oil holds losses at below $62 as U.S. production surges to record

An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya

An offshore oil platform is seen at the Bouri Oil Field off the coast of Libya

OPEC countries and some non-OPEC countries, including Russian Federation, agreed to reduce crude oil production through the end of 2018, which may have allowed other countries to increase their market shares in China in 2017. That was the lowest finish since January 19, according to FactSet data. And according to analysts FGE, fuel stocks in Europe, Singapore and the United States built by some 27.5 million barrels in the first two weeks of 2018.

It is worth noting that preliminary figures from the US Energy Information Administration show that US production hit 10.25 million barrels a day last week.

The global benchmark crude traded at a premium of $3.73 to April WTI.

"The U.S. can not stop producing", according to analysts at consultancy JBC Energy.

Until past year, the UAE relied on Qatar for its condensate supply. US refineries produced about 10.1 million barrels of gasoline a day last week, up by about 500,000 barrels a day compared to the prior week. Since mid-2015, China granted crude oil import licenses to independent refineries in northeast China, which have since increased refinery utilization and crude oil imports. "In just over a decade, oil imports have been slashed by more than 75 percent, according to reports". The EIA said this year the US will produce an average of 10.6 million bpd, rising to 11.2 million bpd next year.

Industry experts are calling the report bearish.

"We have ended the war on American energy and we have ended the war on handsome clean coal", Trump told Congress at the nation's capital during his popular speech.

The US exported about 700,000 barrels of light domestic crude in December to the UAE, the Census Bureau reported Tuesday.

"The new world order of USA production over 10 million bpd is officially here", said John Kilduff, partner at energy hedge fund Again Capital in NY. "Terminals conceived for importing liquefied natural gas have now been overhauled to allow exports".

The S&P energy index, down 3.4 percent, led declines.

United States output, which recently exceeded 10m barrels per day (bpd) for the first time in decades, has hit 10.25m bpd, the EIA said, marking a new record high and overtaking the output of oil giant Saudi Arabia. Prices have declined on the back of a risk-off sentiment, on the heels of a recent plunge in USA stocks, as well as expectations for rising US crude supplies and production.

NEW YORK, Feb 7 (Reuters) - Oil prices fell to a one-month low on Wednesday, after US data showed an unexpected build in refined products, fanning fears of oversupply headed into the slow demand season and offsetting a bounce after the largest British pipeline shut for the second time in three months. "Fears of dire energy shortages that gripped the country in the 1970s have been replaced by a presidential policy of global 'energy dominance'".

The higher prices have not only boosted the attractiveness of energy stocks, but have bolstered the prospects for a rebound in shale production.

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