Norway's preliminary production figures for December 2019 show an average daily production of 2 082 000 barrels of oil, NGL and condensate, which is an increase of 95 000 barrels per day compared to November.

But Papa, boss of the world’s largest oilfield services company, expects U.S. output to grow by just 400,000 bpd in 2020 and by 100,000-500,000 bpd per year through 2025, depending on future oil prices.

U.S. dry gas production will fall to 94.11 billion cubic feet per day (bcfd) in 2021 from a record 94.74 bcfd in 2020. The current all-time high is 92.03 bcfd in 2019.

Saudi Arabia, the world's biggest oil exporter, is in the midst of an OPEC+ agreement to cut 1.7 million b/d of crude from the market in Jan through to March.

U.S. natural gas exports reached new highs in 2019, driven by LNG exports.

"The market is well-supplied," Suhail Mazrouei said in Abu Dhabi. "I would say now we are not forecasting a shortage of supply unless we have a catastrophic escalation which we don't see."

The preliminary level for dry natural gas production in October 2019 was 2,952 billion cubic feet (Bcf), or 95.2 Bcf/d.

Saudi Arabia and Kuwait signed an agreement Tuesday to resume pumping at two major oilfields in a shared neutral zone shut for five years due to a bilateral disagreement, officials said.

U.S. industrial production and manufacturing production both rebounded 1.1 percent in November after declining in October

Crude oil production from the major US onshore regions is forecast to increase 30,000 b/d month-over-month in December from 9,105 to 9,135 thousand barrels/day, gas production to increase 77 million cubic feet/day from 85,521 to 85,598 million cubic feet/day .