WASHINGTON (Sputnik) — The report predicted that the trend is unlikely to continue because of an agreement by oil-exporting nations to cut production and a widening price differential between Middle Eastern and US prices for similar oil from the Gulf of Mexico.
"In late 2016, high production in Saudi Arabia and Iraq, as well as seasonally low internal demand in Saudi Arabia, contributed to record crude oil exports from Iraq and near-record exports from Saudi Arabia," the report stated.
21 February 2017, 07:34 GMT
Output cutbacks by oil-exporters were slated to begin in January although it was unclear from the report whether either Iraq or Saudi Arabia had curtailed production last month.
The report also noted that in January, the price premium of Dubai/Oman sour crude oil compared to similar quality US oil was the highest in a year, making Middle Eastern oil less attractive to US buyers.