Oil prices rise as Saudi Arabia plans to cut exports in November

Oil prices stable as OPEC says market is rebalancing

OPEC forecast higher demand for its oil in 2018 on Wednesday and said its production-cutting deal with rival producers was getting rid of a glut, pointing to a tighter market that could move into a deficit next year.

Still, OPEC is not banking on a surge in prices, saying in the report crude is expected to remain at $50 (37.91 pounds) to $55 a barrel in the next year.

Speaking of rising crude oil price, Mohammed Barkindo said that for India, which is dependent on OPEC countries for 90% of its imports, will require the active participation of both OPEC and other non-OPEC countries to restore balance.

Oil prices also gained support by the International Monetary Fund's prediction that global economic growth is expected to be 3.6% this year and 3.7% next year.

But Mr Barkindo said he was not anxious about the rise in USA shale oil and gas output. "I don't think there are many losers out there".

Currently, the EIA expects total US crude oil production to average 9.3 million bpd for 2017 and 9.8 million bpd in 2018, which would mark the highest annual average production in USA history, surpassing the previous record of 9.6 million bpd from 1970. The United States is not party to the deal, and its crude output has risen 10 percent this year to more than 9.5 million bpd.

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Saudi Arabia said it pumped 9.97 million barrels per day in September, up from August, but still below target.

OPEC and other producers that include Russian Federation have agreed to reduce output by 1.8 million barrels per day (bpd) to revive the oil prices.

API said crude inventories rose 3.1 million barrels in the week to October 6.

The API (American Petroleum Institute) is scheduled to release its weekly crude oil inventory report on Wednesday, October 11.

This is up from 83 percent initially reported in August, as September's rise in overall OPEC output was led by Nigeria and Libya, which are exempt from the cut.

Iraqi government forces and Iranian-trained Iraqi paramilitaries are "preparing a major attack" on Kurdish forces in the oil-rich region of Kirkuk and near Mosul in northern Iraq, the Kurdistan Regional Government (KRG) said. From a technical standpoint, USA crude has staged an impressive rebound from the $49.08 level and a decisive breakout above $51 should encourage a further incline towards $52.40 a barrel, said Lukman Otunuga, research analyst at FXTM.

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