"We need not only to keep the pace and go on with our coordinated efforts in full, but also need to work out a strategy for the future", Russian Energy Minister Alexander Novak said before the meeting.
The request by the Nigerian government for an exemption from the crude oil production cut has been granted by the Organisation of Petroleum Exporting Countries (OPEC).
Oil Minister Emmanuel Ibe Kachikwu made the announcement in Vienna, where the Organization of Petroleum Exporting Countries' headquarters is located. He added that "the market is now evidently well on its way towards rebalancing".
On the New York Mercantile Exchange crude futures for November delivery rose 0.66% to $50.23 a barrel, while on London's Intercontinental Exchange, Brent gained 0.47% to $55.40 a barrel.More news: Tesla working with AMD to develop AI chips for Autonomous Cars
"I feel very, very confident that the market is starting to tell us that more of that surplus will be eliminated by the end of this year and the emerging backwardation is going to speed up that process even further in drawing those barrels out of storage", King said.
"Although Nigeria's oil production hit 1.802 million barrels per day in the month of August, that was not enough justification for a call by some countries for Nigeria to be brought back into the fold", the oil minister stated. The current deal, which was extended earlier this year, runs to the end of March 2018.
He said OECD oil inventories had fallen to 3 billion barrels in August, while crude in floating storage had been falling since June.
According to him, Nigeria will be prepared to cap its crude production when it has stabilised at 1.8 million barrels per day.More news: Kylie Jenner reportedly pregnant with boyfriend Travis Scott's baby
At the Friday's meeting the ministers will consider extending production cuts that began in January.
Both are exempt from the deal to curb output and their resulting boost to production has weighed on prices.
Still, CHS Hedging's Headrick said "the US oil producer has proven to be very resilient in the face of lower prices. The reality is the cap we agreed on is 1.8 million bpd and as long as we are producing below that, we are already in it".
At this its 5th meeting, the JMMC welcomed the participation of Iraq, Libya and Nigeria, and the reaffirmation of their commitment to ensure the success of the Declaration of Cooperation.More news: Russian hackers tried to access Washington state's voting systems, officials say
The OPEC/non-OPEC joint panel on monitoring the cuts, which consists of OPEC's Kuwait, Venezuela, and Algeria, as well as non-OPEC Russia and Oman, is expected to discuss on Friday in Vienna a recommendation for monitoring exports, Bloomberg reports, citing two delegates who spoke on the condition of anonymity.
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