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Crude oil prices rallied on Friday as traders faced growing prospects of supply disruptions from major oil exporters such as Nigeria, Canada, and Venezuela.

Brent crude, the global benchmark, rose 0.33 percent to $48.97 per barrel as at 09.00 GMT. On the New York Mercantile Exchange, the West Texas Intermediate rose 0.29 percent to $48.30 per barrel.

Incessant attacks on pipelines by Niger Delta militants have caused Nigeria’s oil production to fall by about 500,000 barrels per day (bpd) from 1.9 million bpd in 2015 to about 1.4 million bpd in May 2016.

In Canada, wildfires in oil-rich Alberta province have affected oil-sand production facilities, cutting the country’s oil output by over one million barrels per day.

Venezuela’s ongoing political and economic crises have knocked down production at PDVSA, the state-owned oil company, leading to a cash-crunch and other shortages. Data from the Organization of the Petroleum Exporting Countries (OPEC) shows that Venezuela’s oil output fell to around 2.53 million bpd in the first quarter of 2016 compared with 2.72 million bpd in a similar quarter of last year.

According to the Australia and New Zealand Banking Group (ANZ), unexpected supply disruptions around the world, excluding production falls in the United States, have slashed global supplies by up to 2.5 million bpd. This supply deficit has virtually eliminated the oil glut that caused oil prices to fall by over 70 percent between 2014 and early 2016.

"The supply disruptions inflicting the oil market continue to ratchet up... As these issues linger, we expect an increasing supply risk premium will price into the market," ANZ bank said.