Meanwhile, U.S. crude exports jumped to more than 2 million barrels per day (bpd), close to the record 2.1 million bpd in October.
In January 2017, OPEC and allies including Russian Federation began to cut production by about 1.8 million bpd, nearly 2% of global supply, to get rid of a glut that had built up since 2014 and that led to a price collapse.
Oil prices dipped lower on Friday as investor concerns about high U.S. crude exports outweighed an unexpected drop in oil inventories in the world's biggest fuel consumer.
"The bull rally which we have seen for the black gold could fade away as the USA oil production undermines the OPEC production cut commitments", he said. However, oil prices rallied and recover at the beginning of the year on the back of the strong OPEC cuts.
The news was cheered by exploration and production companies as the easing oil price and falling stockpiles has cleared the way for developing new wells.
Crude stocks at Cushing, Oklahoma are down around 2.7 million barrels.
OPEC and 10 producers outside the oil cartel, including Russian Federation, first agreed in late 2016 to reduce crude output by 1.8 million barrels a day, in an effort to rein a supply glut that had dragged down prices since 2014.
US West Texas Intermediate (WTI) crude futures were at $62.74 a barrel at 0750 GMT, down 3 cents from their last settlement.
Oil prices rose higher on Friday, on track to a second straight weekly gain.
The forward price curves for Brent and WTI are in a shape known as backwardation, in which prices for immediate delivery are more expensive than those for later sale, making it uneconomical for traders to buy and store oil. Thursday's EIA data showed exports of USA crude jumped to just above 2 million bpd, close to a record 2.1 million hit in October.
Speaking about the lack of investment in the industry in recent years, Mazrouei said a sum of US$10 trillion will be needed to guarantee oil supply to 2040.
The rapid decline in United States stockpiles and growing demand for crude from the country's booming shale fields are helping reassure the market that production cuts led by OPEC are working. That contrasted with a 2.9 million increase estimated in a Bloomberg survey ahead of the release.
He said the OPEC and non-OPEC members were committed to bringing stability and to balancing the market. "That's why there's definitely a bullish narrative around the market right now".