The benchmark traded at an average price of about $51 this year.
Countering those cutbacks, U.S. oil production has soared more than 16% since mid-2016 and is approaching 10 million bpd, trailing only OPEC kingpin Saudi Arabia and Russian Federation. Front-month prices are about 12 per cent higher this year, after rising 45 per cent - the most since 2009 - in 2016.
US refining runs increased, pushing overall capacity use among the nation's refiners to 95.7%, the highest in December since 1998, according to the US Energy Department. United States crude oil inventories declined by 4.6 MMbbls (million barrels) to 431.8 MMbbls from December 15 to 22, 2017, per the EIA.
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"The tug-of-war between OPEC and the US will continue to pressure oil from trading above $60 a barrel in 2018", said Kim Kwangrae, a Seoul-based commodities analyst at Samsung Futures Inc.
Heavy crude oil price in the same period increased by 52 cents and surged to $61.01 per barrel.
Crude prices ended 2017 with a bang on Friday, with West Texas Intermediate closing above $60 for the first time in over two years, and Brent said to be supported by strong demand from China.
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"The key driver for the oil market this year has been that the OPEC and Russian production cuts were introduced, complied with and extended", said Ric Spooner, a Sydney-based analyst at CMC Markets.
There are also expectations in the market that OPEC's next meeting on November 30 will agree to extend cuts beyond the current expiry date in March 2018.
In the most recent week, USA production dipped modestly to 9.75 million bpd from 9.79 mln bpd the previous week.
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Pipeline outages in Libya and the North Sea have also been supporting oil prices, although both these disruptions are expected to be resolved by early January.