International benchmark Brent crude futures ended the year with a 17 percent rise, supported by ongoing supply cuts by top producers OPEC and Russia as well as strong demand from China. Monthly EIA data released on Friday showed US crude production hit a 46-year high in October, but the country’s oil exports and demand also rose. Extreme cold weather across much of North America could also boost U.S. crude prices by causing production problems in the oilfields. Pipeline outagesIn international markets, China has issued crude oil import quotas totalling 121.32 million tonnes for 44 companies in its first batch of allowances for 2018. Pipeline outages in Libya and the North Sea have supported oil prices, although both disruptions are expected to be resolved by early January.

Source: Libya Today December 30, 2017 06:56 UTC