Meanwhile, crude oil for October delivery on the New York Mercantile Exchange rose 0.20% to $44.92 a barrel.
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Later Tuesday, the American Petroleum Institute reports on crude and refined product stock estimates at the end of last week. The nation’s production of crude, condensate has risen above 11 million barrels a day for the first time since at least 1991, according to daily data published on the website of the Energy Ministry’s CDU-TEK unit for the start of September.
Official data from the U.S. Department of Energy on crude and refined product stocks will be released on Thursday.
Iran’s Oil Minister Bijan Namdar Zanganeh has earlier confirmed that he will take part in the upcoming meeting, aimed at a “common action” to support the global oil prices.
The Minister of Energy, Industry and Mineral Resources of Saudi Arabia Khalid A. Al-Falih and the Minister of Energy of the Russian Federation Alexander V. Novak met in Hangzhou, China on the sidelines of the G20 Summit.
Dampening optimism, al-Falih said there was no need to freeze production at the moment.
With three weeks until a meeting in Algeria, oil traders are keeping tabs on Russian Federation and OPEC hoping for signs they will find an agreement to address a global supply glut that has hammered prices for two years. Production costs are at about $19.21 a barrel this year, he said, adding that 80 percent of Russia’s output is profitable at a cost of $20 a barrel or more.
OPEC’s third-largest producer, Iran has signalled willingness to support the possible revival of a global deal on freezing production levels only if fellow exporters recognise its right to regain market share lost as a result of sanctions.
Members of the group, which have been following a Saudi-led strategy of pumping more to force higher-cost producers to cut their output, have “successfully squeezed” non-OPEC supplies, which have slid by about 1 million barrels a day this year, he said.
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