Iran Calls On OPEC To Sway Libya, Nigeria To Join Cut

Kuwaiti Oil Minister Essam al-Marzouq, who chaired Friday's meeting in Vienna of the Joint Ministerial Monitoring Committee, said output curbs were helping to cut global crude inventories to their five-year average, OPEC's stated target.

OPEC and 10 producers outside the cartel, including Russian Federation, first agreed late in 2016 to cap their production at around 1.8 million barrels a day lower than peak October 2016 levels, with the aim of alleviating global oversupply and boosting prices.

No decision was taken during the meeting to extend the deal, which is now scheduled to end in March 2018. A gathering in Vienna last week between OPEC and its allies ended with no decision on an extension or deepening of the cuts beyond the first quarter of 2018, while the potential revival of US shale production is also weighing on the outlook for prices.

Russian Federation says no decision about the oil deal extension is expected before January.

Oil has advanced this month on forecasts of strong demand and as U.S. Gulf Coast refineries resume operations after Hurricane Harvey.

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"Continued declining US oil rigs and continued declining inventories is giving support to oil", said Bjarne Schieldrop, chief commodities analyst at SEB in Oslo.

Brent crude for November delivery was up 1 cents at $56.87 a barrel by 0815 GMT (4.15 a.m. ET), its highest since March. "The moment we close the tap, then it's done", he said in a speech at a forum in Istanbul.

"OPEC's actions are working and compliance is acceptable overall, although there needs to be some change".

"London Brent crude delivery for November slipped 8¢ to $56.78 a barrel, while the United States crude fell roughly 15¢ to a value of $50.51 per barrel". Nigeria, which said it would join the cuts once its daily output rate reached 1.8 million bpd, produced 1.86 million bpd, secondary source data suggested. Crude exports from the Middle East to Asia will rise 7.5 million barrels a day between 2016 and 2040, he said.

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