U.S. shale producers called to OPEC balancing effort

Oil prices stable as OPEC says market is rebalancing

This comes as OPEC forecasts higher demand for its oil in 2018 and its production-cutting deal with rival producers was clearing the glut after more than three years of excess.

Mr Barkindo said consultations were under way for the extension of the OPEC-led pact beyond March 2018 and that more oil producing nations may join the supply pact, possibly at the next meeting of OPEC in Vienna on November 30.

The main worldwide crude oil futures contract, Brent, was trading at around $56.83 in late morning London trading. Last month, it expected a 590,000 bpd year-over-year increase to 9.84 million bpd.

"These strong and positive signs are evidence that the fundamentals of supply and demand are gradually but steadily returning to balance", he said.

Barkindo stressed, however, that the oil market is a global one.

Speaking at an energy conference in New Delhi, OPEC Secretary General Mohammad Sanusi Barkindo said oil demand growth in 2018 should be "quite robust", while commercial oil stocks in the world's advanced economies continues to fall. Oil prices have crashed to Dollars 50s now, from the high of USD 147 per barrel in 2008.

Tyrrell Hatton holds off Ross Fisher to retain Dunhill crown
As well as Fisher's 61 and Dubuisson's 63, two players shot 65, five shot 66 and 10 shot 67 on the par-72 layout. Hatton, who wins US$800,000, said: "I've got a new caddie on the bag at the moment, my good friend, Jonathan".

"Oil prices are expected to remain at $50-55 in the next year".

"A rise above that level would encourage USA oil producers to expand their drilling activities, otherwise the lower prices could lead to a reduction" in investments, it added. OPEC does not issue price forecasts. Saudi Arabia and Russian Federation, he said, are leading the initiative to bring in more producers.

After settlement, crude prices pared gains when the industry group the American Petroleum Institute said its data showed US crude stocks rose unexpectedly last week, while gasoline inventories decreased and distillate stocks built.

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. Should Opec keep pumping at similar levels to September, the market could move into a deficit next year, the report indicates.

The report's OPEC production figures mean compliance with the supply cut by the 11 members with output targets remains high at 98 percent, according to a Reuters calculation.

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