Oil prices have remained stable as rising output in multiple countries was offset by growing expectations that the Organization of the Petroleum Exporting Countries (OPEC) members would extend its output cut deal beyond June.
Brent crude oil LCOc1 remained unchanged at $51.52 a barrel, while US light crude CLc1 slipped by 5 cents to $48.79 per barrel, reported Reuters.
OPEC and other key oil producers are scheduled to meet on 25 May and expected to agree to set output limits for the remaining six months of the year.
The oil cartel group and other crude exporters decided to reduce oil production by 1.8 million barrels a day for the first half of this year to alleviate the global oversupply. However, these efforts have been largely offset by rising US production and slow pace of stock drawdown.
Libya's National Oil Company stated that the production has increased above 760,000bpd, the highest since December 2014.
Russia reported a marginal fall in oil production last month to 11 million bpd from 11.05 million bpd in March.
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A private survey showed that China’s manufacturing sector growth slowed down last month, further impacting oil prices.
Industry group American Petroleum Institute is scheduled to release US inventory data for the week ending 28 April shortly.