Saudi Arabia, UAE, Venezuela open to extending oil production cuts

Opec and other producers including Russia pledged to reduce oil output by about 1.8 million barrels a day through March

In the wake of the hurricanes Harvey and Irma, oil demand is expected to drop by some 900,000 bpd this month, Goldman Sachs said on Monday. Irma made a landfall in Florida on Sunday and is barreling through the state to the northwest.

Global benchmark November Brent crude LCOX7, +0.02% inched up by 6 cents, or 0.1%, to finish at $53.84 a barrel on the ICE Futures Europe exchange.

Opec and other producers, including Russian Federation, have agreed to reduce output by about 1.8 million barrels per day until next March in a bid to reduce global oil inventories and support oil prices.

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Geoffrey Craig, the oil futures editor for Platts, said markets will be tested by what could be a steady buildup in US crude oil inventories.

Saudi Arabian Energy Minister Khalid Al Falih discussed with his Venezuelan and Kazakh counterparts the possible extension of the global oil supply cut pact beyond March 2018, the Saudi energy ministry said late on Sunday. It's likely that crude oil prices will make their third attempt and retest leading towards $ 47.50.

"It is clear that the rebalancing process is underway, supported by the high conformity levels of OPEC member countries and participating non-OPEC countries to the production adjustments" in the cooperation agreement, OPEC secretary general Sanusi Barkindo said in a speech in Oxford on Monday.

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The market is also watching closely for US inventories data in the wake of recent storms. Pipelines from Cushing run to key refineries in the U.S. Gulf Coast of Mexico and the hub is an important indicator of crude demand.

"Over the next two to three weeks, the EIA inventory numbers will be rather sloppy because you have production disrupted, refineries going offline and online", he said, noting that OPEC figures are a better signal of market stabilization, "That's why you have to look out further".

In a related matter, reliable sources reported on Monday that Saudi Arabia will supply full contracted volumes of crude oil to at least five north Asian term buyers in October, while a sixth regional refiner was notified of cuts to its October Arab Extra Light supplies.

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Libyan production-which has undercut OPEC's efforts-fell significantly by 112,300 barrels in August, to 890,000 barrels a day, a result of pipeline closures and disruptions at its oil fields, the report showed.

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