If there is a decision to extend the supply cut it will be until the end of 2018, said the Omani oil minister, Mohammed bin Hamad al-Rumhi, adding that he did not think producers would agree to deepen the curbs.
Overnight, crude oil prices settled higher on Monday, as investors weighed the prospect of supply disruptions amid rising Middle East tensions while growing expectations of a ramp up in output capped upside momentum.
On the other hand, traders expected that the ongoing supply cut, which is led by the Organization of Petroleum Exporting Countries and Russian Federation, would likely prevent a very big fall in oil prices.OPEC and Russian Federation have contributed to the reduction in excess supplies.
In the 12 months between November 2016 and November 2017, several things that used to be just suspicions or suggestions became evident: that OPEC is no longer the master of oil markets, capable of swinging prices higher or lower whenever it fancied; that US shale is here to stay and grow; and that, were it not for demand growth and the latest developments in the Middle East, Brent would never have returned to $60 a barrel exclusively as a result of OPEC's production cut efforts.
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OPEC members were reportedly forming a consensus around extending by nine months their production cuts deal with other crude exporters.
"A remarkable ability to unlock new resources cost-effectively pushes combined United States oil and gas output to a level 50% higher than any other country has ever managed; already a net exporter of gas, the USA becomes a net exporter of oil in the late 2020s", the IEA said in its 2017 world energy report.
The exporters reached the deal last December and had already extended the agreement once through March 2018. "We are not going to meet in that quarter unless it is extraordinary", Mazroui said at an energy industry conference.
According to OPEC's monthly market report, the forecast demand for its oil next year has been increased by around 400,000 barrels a day from the previous month to 33.4mmbpd, about 0.46mmbpd higher than in 2017.
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Meanwhile, with $2.39 rise from its preceding week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $58.73 per barrel in the said week.
Stocks were 154 million barrels above the five-year average, the excess that OPEC aims to eliminate. The oil market is rebalancing at an accelerating pace, as global levels of oil inventories have fallen visibly, and the demand for oil is robust, Opec Secretary-General Mohammad Barkindo affirmed.
However, the Brent oil price was steady at close to two-year high yesterday, with support from Middle East tensions and record long bets by fund managers balanced by rising US production. This year, all eyes are on the Middle East, the Saudi political purge, and the heating-up of tensions between the kingdom and Iran. U.S. West Texas Intermediate (WTI) crude CLc1 was at $56.62 per barrel, down 14 cents, or 0.25 percent.
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