OPEC likely to extend supply cuts

The country's light oil price was reported $50.39 on average since the beginning of 2017 until November 3.

Crude oil futures inched higher Monday, staying near 2-year highs after OPEC predicted oil demand will surge in 2018.

Despite expectations for uptick in US output, traders remained confident that Opec's output curbs would continue to support upside momentum in crude prices ahead of the upcoming Nov, 30 Opec meeting, at which it's widely expected that Opec will extend its global accord on production cuts beyond March.

He added while he had not heard any OPEC members discussing the possibility of not extending the deal, the time and duration of an extension was still to be decided, Kallanish Energy learns.

In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November past year. That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day (MMBPD) off the market.

His Omani counterpart also voiced confidence there would be an agreement this month.

It also said industrialised countries' September commercial oil inventories, a key marker OPEC uses to measure market balance, fell by 23.6 million barrels to 2.985 billion barrels.

The price of oil collapsed from roughly $114 a barrel in June 2014, due to weak demand, a strong dollar and booming USA shale production.

Regional concerns in the Middle East include the war in Yemen and growing tensions between Saudi Arabia and Iran.

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