OPEC courting more oil producers to restore stability; may benefit India

A flag with the Organization of the Petroleum Exporting Countries logo is seen during a meeting of OPEC and non-OPEC producing countr

A flag with the Organization of the Petroleum Exporting Countries logo is seen during a meeting of OPEC and non-OPEC producing countr

Mr Barkindo said consultations were under way for the extension of the OPEC-led pact beyond March 2018 and that more oil producing nations may join the supply pact, possibly at the next meeting of OPEC in Vienna on November 30.

Brent crude, the benchmark for more than half of the world's oil, was little changed at $55.32 a barrel by 10:43 a.m.in London. Last month, it expected a 590,000 bpd year-over-year increase to 9.84 million bpd.

Oil producers are succeeding in re-balancing an oversupplied market, though they may need to take further steps to sustain the recovery into 2018, OPEC Secretary-General Mohammad Barkindo said.

"OPEC and key non-OPEC oil producers continue to successfully drain the oil market of excess barrels". The API usually releases the weekly report every Tuesday, but this report is scheduled to release on Wednesday due to the United States federal holiday on Monday, October 9, 2017.

OPEC and its allies want to bring stocks down to the five-year average and are discussing extending their supply restraint.

For 2018, oil demand is expected to rise by 420,000 bpd vs 400,000 bpd previously. Oil prices have crashed to Dollars 50s now, from the high of USD 147 per barrel in 2008.

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Increasing demand for oil will be matched by added supplies, but Opec's forecasts for the balance of supply and demand foresee a greater reliance on the cartel's output.

Opec said it pumped 32.75 million bpd in September, up about 89,000 bpd from August. "A rise above that level would encourage US oil producers to expand their drilling activities, otherwise the lower prices could lead to a reduction in their capex".

Currently, the EIA expects total US crude oil production to average 9.3 million bpd for 2017 and 9.8 million bpd in 2018, which would mark the highest annual average production in USA history, surpassing the previous record of 9.6 million bpd from 1970.

The report's OPEC production figures mean compliance with the supply cut by the 11 members with output targets remains high at 98 percent, according to a Reuters calculation.

Haworth said the market and OPEC are "hoping U.S. producers slow down production and make further progress on inventory cuts".

Read: What happens if OPEC maintains current levels of production?

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