The administration added that USA crude production rose to 11.9 million barrels per day last week.
Just months earlier, they had relaxed production caps as prices shot higher on market worries about the impact of USA sanctions on Iran, but Washington eventually granted waivers allowing several countries to continue to import Iranian oil.
Brent crude oil futures LCOc1 were down $0.44 at $60.88 a barrel by 1035 GMT, while United States crude futures CLc1 fell by $0.53 to $51.78 a barrel.
EIA expects global oil production growth in 2019 to be led by countries that are not part of OPEC, particularly the United States. International Brent crude oil futures were up 62 cents, or 1.01 percent, at $61.80 per barrel at 0955 GMT.
"We have seen prices fall very significantly since the peak at the beginning of October, and that is providing some relief to consumers", Neil Atkinson, head of the IEA's oil industry and markets division, said in a Bloomberg television interview on Friday.
But crude fell towards $50 at the end of 2018 due to an economic slowdown and rising USA supply, prompting producer group OPEC to cut output in an effort to keep prices above $60.More news: R Kelly Dropped By Sony / RCA / Jive Records
EIA estimates that global petroleum and other liquid fuels inventories grew by an average rate of 0.4 million barrels per day (b/d) in 2018 and by an estimated 1.0 million b/d in the fourth quarter of 2018.
Optimism that the US and China could resolve some differences in the ongoing trade talks also pushed oil prices higher on Friday.
Among the main drivers of oil prices in 2019 several of them will be bullish and some of them bearish, Francis Perrin, Senior Fellow at the OCP Policy Center (Rabat) and Senior Research Fellow at the French Institute for worldwide and Strategic Affairs (IRIS, Paris) told Trend.
Crude prices also drive the cost of fuel made at the Marsden Point refinery, and the country's seasonal imports and exports of LPG.
Output cuts planned by the Organization of Petroleum Exporting Countries and its partners should stabilize world markets, though the process will be slow, the IEA said.
In response to the drop in price in the second half of last year, the Organisation of the Petroleum Exporting Countries (OPEC) and non-members such as Russian Federation and Oman will cut production by a joint 1.2 million bpd this year.