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They will decide on whether to extend that agreement after six months, al-Mazrouei, OPEC's current president, said.

Earlier, oil settled higher on renewed optimism that announced production cuts from the OPEC+ coalition will re-balance global markets, while Libya's biggest field remained shut, taking supply off line.

Fereidun Fesharaki of energy consultancy FGE said in a note that the OPEC-led cuts would likely be "insufficient to mop up the inventories in the targeted three-month period till the end of the first quarter of 2019".

Prices surged on Friday after the Organization of the Petroleum Exporting Countries and some non-OPEC producers including heavyweight Russian Federation announced they would cut oil supply by 1.2 million barrels per day, with an 800,000-bpd reduction planned by OPEC members and 400,000 bpd by countries not affiliated with the group.

Oil prices edged up on Tuesday after Libya's National Oil Company declared force majeure on exports from the El Sharara oilfield, which was seized at the weekend by a local militia group.

Oil prices increased during the week ending December 7.

"We believe the (OPEC) cuts were sufficient", Yazhari said, predicting a "relatively balanced oil market" and stable inventories next year.

USA job growth cools in November, monthly wage gains modest
First, what it calls the U-6 unemployment rate: It measures total unemployment, including discouraged and underemployed workers. The housing market, though, has stumbled this year as the Fed's rate hikes have contributed to sharply higher mortgage rates.

The next OPEC and non-OPEC ministerial meeting is scheduled to convene in Vienna, Austria, in April next year.

He appreciated the decision of the OPEC + countries to regulate the oil market and stabilize the oil prices.

On the other hand, Al Mazroui stressed that talks between America and China are important for the oil market.

Opec said today it had offset a drop in sanctions-hit Iranian oil exports and lowered the 2019 forecast of demand for its crude, underlining the challenge the producer group faces to prevent a glut even after last week's decision to trim output. The contributions from OPEC and non-OPEC will correspond to 800,000 barrels per day and 400,000 barrels per day, respectively.

Crude prices are down around a third since early October amid the financial market slump and an emerging oil supply overhang.

Based on International Energy Agency's (IEA) forecast, Kotak estimates that incremental non-OPEC supply supported by rising production from the USA in CY2019 will now barely exceed incremental oil demand of 1.4 million barrels per day assuming OPEC and its allies manage supplies through the year.


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