Oil prices steadied on Monday, boosted by hopes that OPEC and non-OPEC members would continue their pact to cut production beyond 2018. There was, however, also news of rising production from Libya.
Comments from Saudi Arabia´s energy minister indicating the country favoured extending oil production cuts into next year provided support for the market.
“There is a readiness to continue cooperation beyond 2018 . The mechanism hasn’t been determined yet, but there is a consensus to continue,” said Saudi energy minister Khalid al-Falih, speaking in Oman.
Along with hopes of a further extension of the all-important OPEC agreement, crude has also received support from recent dollar weakness.
The dollar basket was 0.14% lower on Monday, as the US government shutdown continued.
However, Libya´s state owned producer National Oil Corp. announced that it was recommencing production at one of its key oil fields, putting downward pressure on prices.
As at 11.55 GMT oil prices were virtually unchanged, trading at $68.58 per barrel.
The resumption of production from Libya´s Wintershall’s As-Sarah oil field was expected to add 55,000 barrels per day to Libya´s output.