They will decide on whether to extend that agreement after six months, al-Mazrouei, OPEC's current president, said. Despite that, overall sentiment on oil prices remained weak amid worries over global stock markets and doubts that planned supply cuts led by producer club OPEC will be enough to rein in oversupply.
Edward Bell of Emirates NBD bank said "the scale of the cuts. isn't enough to push the market back into deficit" and that he expected "a market surplus of around 1.2 million bpd in Q1 with the new production levels".
The Organization of Petroleum Exporting Countries (OPEC) and other major oil producers have slashed oil production by 1.2 million barrels per day in a concerted bid to hike prices to $70 per barrel while eliminating oversupply.
Saudi Arabia's energy minister held talks Monday with US Energy Secretary Rick Perry, after the kingdom and its allies defied US pressure to cut oil production in a bid to prop up prices.
Two U.S. major investment banks forecast low oil prices for next year and foresee rising U.S. oil output increasing overall supply in 2019 in spite of OPEC and its allies agreeing to curb production at the latest OPEC meeting in Vienna on December 7. "There's the U.S. -China trade war, France, Italy, Brexit: these things just do not bode well for either regional or global oil demand", PVM Oil Associates analyst Tamas Varga said by phone.
He appreciated the decision of the OPEC + countries to regulate the oil market and stabilize the oil prices.
Some countries have been applied a compromise within the framework of the agreement on reduction of oil production.
"The surge in USA supply in recent months should be a reason for caution", Bank of America Merrill Lynch said in a note on Monday.
The supply surge from the world's top three oil producers occurs as forecasters warn oil demand growth will be softer than anticipated next year.
OPEC heavyweight Saudi Arabia, the world's biggest crude oil exporter, will carry most of the burden by lowering its output by 500,000 bpd. OPEC agreed to slash the output by 1.2 million barrels per day from January 1.
Crude futures have lost around a third of their value since early October amid the financial market slump and an emerging oil supply overhang.
On Friday, oil prices rebounded after OPEC and its allies including Russian Federation have agreed to cut production next year to shore up falling oil prices.