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IEA urges OPEC to Agree on Oil Production Cut

The IEA also added that if OPEC producers successfully implement the production cuts announced in the meeting in Algeria, the market would shift from surplus to deficit very fast in the next year.

The group's 14 members raised production by 230,000 barrels a day to 33.83 million a day in October as Iraqi output reached a record and Nigeria and Libya restored halted supplies, according to the report. The 14-member cartel made a decision to slash output to a range of 32.5 million to 33 million barrels a day. "This means that 2017 could be another year of relentless global supply growth similar to that seen in 2016".

Brent crude was down 3 cents at $46.01 a barrel by 1409 GMT, after falling to $44.40, the lowest since August 11.

Brent crude, the worldwide standard, traded at $46.48 a barrel Thursday.

On Wednesday, the U.S. Energy Information Administration reported a rise of 170,000 barrels a day in total U.S. crude production for the week ended November 4. While Russia has said it will consider joining an OPEC agreement, its own output has climbed to a post-Soviet record. The group meets at the end of the month to approve a plan to cap the group's production to between 32.5 million to 33 million bpd.

"Oil prices are likely to remain range-bound into year-end, with prices impacted by inventory levels, supply/demand balance, OPEC production agreements and political winds of change from fossil fuel to energy alternatives", wrote Rob Haworth, senior investment strategist for U.S. Bank Wealth Management.

Iqbal Day not public holiday: Interior ministry
However, despite the order, Pakistan Tehreek-e-Insaf (PTI) led Khyber-Pakhtunkhwa (K-P) government announced a public holiday. Sources from Interior Ministry have confirmed that no notifications from the ministry have been issued regarding the holiday.

Crude had tumbled as much as 4 percent early in the session, in the immediate aftermath of the USA presidential election results.

"For 2017, non-OPEC supply growth has also been revised down by a marginal 10,000 barrels per day to show an increase of 0.23 million barrels per day", said the report. As far as the long-term is concerned, investors are still digesting the impact of the election of Trump, on future prices.

"The next couple of weeks, even if they get a deal done, there's so much oil coming to the market", said Tariq Zahir, trader at Tyche Capital Advisors in NY.

BMI Research said the billionaire's expected pro oil and gas industry policies might mean US "production of oil and gas could recover at a faster rate in 2017 as developers grow more encouraged".

The IEA boosted estimates for supplies from outside OPEC in 2017 by 110,000 barrels a day due to an improved outlook for Russian Federation, which is set to add 190,000 barrels a day next year.

"The outcome of the United States election adds to the challenges for the oil exporters because it will likely lead to weaker economic growth in an already fragile global economy".

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