Opec 'won't discuss' further oil production cuts in July, says Secretary General


However, the move has so far not had an appreciable impact on oil prices with both Brent and West Texas Intermediate (WTI) futures languishing in the $40 per barrel range.

Brent crude traded at around $46.82 a barrel on Monday afternoon, up 0.26 percent, while USA crude was around $44.32 a barrel, up 0.18 percent.

Libya's production, meanwhile, this month was above 1 million bpd for the first time in four years, 690,000 bpd higher than the start of the year, after rehabilitating key oil facilities bombed by militants.

Friday's updated rig count from Baker Hughes Inc. also pointed to production increases.

U.S. energy firms added seven oil drilling rigs last week, marking a 24th week of increases out of the last 25 and bringing the total count up to 763, the most since April 2015, Baker Hughes energy services company said on Friday.

Mustafa Sanalla, the head of the state-run National Oil Corporation, said he is targeting 1.1 million bpd by next month. "But the medium term is looking much better because I expect market rebalancing will kick in by late 2017 or early 2018", said Gananasekar Thiagarajan, director of Commtrendz Risk Management.

The ministerial meeting will be preceded by a meeting of a technical committee involving all OPEC and non-OPEC members now participating in the oil output cutting deal. The production limits could be voted on again when the organization meets on November 30 in Vienna. Gasoline stocks fell by 3.7 million barrels, to 237.3 million barrels.

Libya and Nigeria together added 440,000 barrels a day of production in May and June as fields restarted, according to data compiled by Bloomberg. ICE gasoil changed hands at $426.50 a metric ton, down $1.50 from the previous settlement.