Prior to the meeting, Saudi Arabia's energy minister said OPEC and other big-oil producing allies should find ways to cooperate beyond their petroleum-production limits this year.
Crude recently rose above $70 per barrel for the first time since 2014 after OPEC and non-OPEC countries agreed to extend their combined cutbacks until the end of this year.
US crude production now stands at 9.9 million barrels per day, the country's highest level in nearly 50 years, and the IEA now expects a "record-setting" 2018. What's more, Morse noted, USA shale is not the only threat for OPEC's peace of mind: deepwater oil and Canadian oil sands can be just as unsafe at the right price level. The committee comprises representatives of Algeria, Kuwait, Oman, Russia, Saudi Arabia and Venezuela. Currently, we go from those quotas that were defined by us in December 2016 and there are no revisions.
OPEC and a number of non-OPEC countries, including Russian Federation, cut a deal in November 2016 aimed at decreasing global oil production by 2 percent. The minister stated that the prices will not be on the meeting's agenda given that all members are committed to the agreement until the end of 2018. A new government program of foreign-currency purchases is expected to limit the upward potential for the ruble this year, and in the coming weeks even trigger its temporary weakness, analysts at UBS Group AG said in a January 11 report.
But it warned that rapidly increasing production in the United States could threaten market balancing.
But he stressed that producers still had a lot of hard work ahead to restore the market to health, and it was uncertain whether the current pace of the drawdown in oil inventories would continue in months to come. We will look at the situation on the market.
The rise in Brent crude oil futures prices likely reflected global oil inventory draws that were estimated to be 0.3 million barrels per day (bpd) during the fourth quarter of 2017.Crude oil price is gradually moving to N70 a barrel.
That compares with estimated overall global demand for oil of 97.8 million bpd. Both countries, however, have agreed to ease production to push up prices.
The normal seasonal move is an increase - which happens about two-thirds of the time. WTI also marked a 10-day drop earlier in the day of $62.84 a barrel and recorded its 3-year intraday high of $64.89 on Tuesday.
The militants agreed to a ceasefire in August 2016 - a development that helped pull Nigeria out of recession in the second quarter of past year.
America's Energy Information Administration is pencilling in a 100% jump in U.S. shale production in 2018. Shale's rise in production will simply provide supply to meet growing demand, without affecting OPEC's plans, he said.
"Higher oil prices are bringing more supply to the market, particularly in North America and specifically tight oil", Opec said in the report, using another term for shale.