Lower demand from U.S. Gulf Coast refiners that are still recovering from Hurricane Harvey in August has caused crude sellers to seek markets overseas, triggering shipments of 1.98 MMbpd, the highest level in weekly government data compiled since 1993. But prices are still half their mid-2014 levels.
The current agreement runs until March 2018.
The rebalancing of oil inventories is well under way, he said.
Russian Federation and Saudi Arabia have clinched a number of lucrative deals as King Salman paid the first official visit to Russian Federation by a Saudi monarch.
Brent for December settlement gained 40 cents to $56.20 a barrel on the London-based ICE Futures Europe exchange, after declining 20 cents on Wednesday.
Citing Russia's energy minister Alexander Novak, the Financial Times reported that Russia and Saudi Arabia were expected to sign deals worth over $3 billion (2.5 billion euros), including a $1 billion energy investment fund and a $1.1 billion agreement for Russia's petrochemicals giant Sibur to build a plant in Saudi Arabia. Although Chechnya has a population of just over one million, Mr Kadyrov is one of Russia's most influential officials. It's called diplomacy. We do a lot of that, they do a lot of that.
Lavrov said the Saudi monarch and Putin's meeting saw a "particular focus on Syria, Iraq, Libya and Yemen".
Saudi Arabia is now investing over $1 billion in over 20 Russian projects including the construction of a petrochemical complex and Pulkovo Airport in St Petersburg, Russian Energy Minister and co-chairman of the Russian-Saudi Intergovernmental Commission Alexander Novak said.
Prices jumped nearly 10 percent in September on forecasts for strong demand, on signs the surplus was finally easing, and on threats from Turkey to potentially block oil exports from Iraqi Kurdistan. Pointing to output from US shale basins, the minister said any acceleration should more or less keep pace with demand. "The problem is next year", when prices may average $55, UBS forecasts show. That is nearly as much as major OPEC member Iran produces.
The company is investing in refineries in major markets to lock in customers ahead of its initial public offering next year, and the India unit, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country. Prices fell $0.44, or 0.9%, to $49.98 on Wednesday.
With oil above $60, there is a reduced need to "cheat" among producers, but it's lucrative to do it. Production could start to dwindle in 2019, providing room for firmer prices.
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