London — Oil prices were on track for sharp weekly declines on Friday as surging US output countered production losses in sanctions-hit Iran and Venezuela. Brent crude oil futures were at $70.47 a barrel at 11.15am GMT, down 28c and set for their first weekly loss after five weeks of gains. US West Texas Intermediate (WTI) crude futures were down 6c at $61.75, poised for a second straight weekly decline. “Even with deep losses in supply from Iran and Venezuela, as well as a few other countries around the world, oil cartel [and its allies, known as] Opec+ will still need to hold back production to balance the market,” SEB analyst Bjarne Schieldrop said in a note, adding that this is a reflection of the ongoing output growth in the US. US crude oil production reached a record 12.3-million barrels per day (bpd) last week, rising by about 2-million bpd over the past year. Exports of US crude broke through 3-million bpd for the first time this year, according to data from the Energy Info...
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