Oil prices have remained steady amid rising US production, which is set to reach ten million barrels a day.
The growing production offset falling crude inventories in the US.
As of 21 December, US West Texas Intermediate (WTI) crude futures remained at $58.12 a barrel, while Brent crude futures, the international benchmark for oil prices, did not change, trading at $64.56 a barrel, according to Reuters.
Recently, both crude benchmarks registered growth of around 1% after official data indicated a decline in US crude inventories by 6.5 million barrels in the week to 15 December.
Saudi Arabia energy minister Khalid al-Falih was quoted by the news agency as saying: “We expect the first few months of 2018 to be either flat or a build (in inventories) as it is typically the case with the seasonality with the oil market.”
Efforts taken by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia to ensure higher oil prices by enforcing output cuts until the end of next year have been threatened by rising US production.
Last week, US crude production reached 9.79 million bpd, the highest level since the early 1970s.
US output is moving closer to the levels of Saudi Arabia and Russia.
Traders closely watched the passing of a US tax bill earlier this week, which is expected to impact crude prices in the longer term.