Reuters reported that OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said, suggesting producers are in no rush to expand a June agreement that raises output.
Brent crude last week reached Dollars 86.74, the highest since 2014.
The oil market is adequately supplied and balanced but this situation is fragile said Mohammad Sansui Barkindo, Secretary General, Organisation of Petroleum Exporting Companies.
The global oil sector needs about $11 trillion in investment to meet future oil needs in the period up to 2040, Barkindo said, adding that import-dependent countries such as India were concerned about future oil supply.
Barkindo said the oil markets were now adequately supplied and balanced, but cautioned against a potential imbalance in 2019 due to higher supply.More news: Ebola death rate has risen to 135 in DRC, WHO says
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He added that India's oil demand is expected to rise by 5.8 million barrels per day (bpd) by 2040, accounting for around 40% of the global demand rise.
The Russian government is no longer capping oil output increases by local producers, one of the country's top energy companies Gazprom Neft said on Tuesday.
In the third quarter of this year, global supply and demand for oil reached 100.3 million barrels per day, and this is a record figure. But there are big uncertainties regarding the end of the year with regards to Iran and Venezuela.
OPEC separately updated its oil supply and demand forecasts on Thursday, cutting demand estimates for next year due to economic challenges such as trade disputes and volatile emerging markets, and pointing to excess supply. "We may have an opportunity to grow further", Yakovlev told reporters.