The Organization of Petroleum Exporting Countries (OPEC) forecasts a lower demand for crude oil despite the increase in global demand after a US-China trade deal.

OPEC and non-member oil producers could deepen output cuts or extend them for a year.

According to Saudi Energy Minister, Khalid al-Falih, oil market fundamentals were already improving after the agreement, and oil prices are up more than 10% since the output curb deal was struck in November 2016, stabilized above $50.

State-held Oman Oil Company plans to invest $1b in developing various upstream and downstream projects.

Oil output from producers outside the Organisation of Petroleum Exporting Countries (OPEC) is falling faster than expected, helping the market to rebalance.

Oil supply from non-OPEC countries is forecast to decline to 56.4mb/d in 2017 due the global oil prices drop and in result of which, OPEC will have to boost its production by 2020, a Bank of America's (BoA) recently published report stated.

US News & World Report cited Qatar's Energy and Industry, Minister Mohammed bin Saleh al-Sada as saying that oil prices have bottomed out ahead of an expected meeting of OPEC members and other oil producers later this month in Vienna.

Informed sources told the Wall Street Journal that Algerian Oil Minister Salah Khebri had written to OPEC warning that a new drop in oil prices may warrant fresh discussions over the organization's strategy.