Alsumaria News / Baghdad 
Fatih Birol Rahj director of the International Energy Agency on Friday that current oil prices encourage shale oil producers in the United States to increase their production will reflect negatively on the oil supply in the market. "While oil prices between $ 65 and $ 70 a barrel are good for producers at the moment, they warn that this level will encourage an oversupply of oil producers in the United States," he 

told an oil conference in Abu Dhabi .

"Crude production is likely to continue to decline in Venezuela, a member of the Organization of the Petroleum Exporting Countries (OPEC), in 2018, as its supplies are affected by the economic crisis in the country," Perol said. 
In terms of trading, oil prices fell on Friday, the highest level since December 2014, recorded the day before. 

The total futures contracts for WTI US median of $ 63.34 a barrel at 07:55 GMT (10:55 GMT Moscow ) , down 46 cents, or the equivalent of 0.7% from the previous settlement. Crude rose on Thursday to its highest level since late 2014 at $ 64.77 a barrel.

Brent crude fell 29 cents, or 0.4 percent, from $ 68.97 a barrel. Brent was also the highest since December 2014 and hit $ 70.05 a barrel on Thursday.