Oil prices have increased marginally before the scheduled meeting between OPEC and other nations to discuss international market issues.
London Brent crude for September delivery gained 12 cents to touch $48.18 a barrel, while NYMEX crude for September delivery climbed 7 cents to $45.84, reported Reuters.
OPEC along with some non-OPEC members agreed to reduce production by 1.8 million barrels per day from January this year. The deal was later extended to March next year.
The meeting being held today in St Petersburg, Russia, is expected to assess market conditions and evaluate new proposals for rebalancing.
Sources told the news agency that the meeting may put a conditional curb on the production from Nigeria and Libya, two OPEC member countries exempt from the output cut deal.
OPEC secretary-general Mohammad Barkindo said that the oil market is gradually rebalancing but more slowly than expected, which may speed-up during the second half of the year.
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Kuwait Oil Minister Essam al-Marzouq said that compliance level among OPEC and non-OPEC countries for oil production cuts was decent.
Reuters further reported that the US is considering putting financial sanctions on Venezuela, which would restrict its crude exports and potentially cause significant damage to the country's economy.