Some OPEC and non-OPEC ministers have been in discussions in recent days over their production cut strategy, with one of the options on the table being to extend the output restraint agreement beyond its current expiration at the end of March 2018.
Under the terms of the original deal to reduce production, reached in November 2016, the Organisation for the Petroleum Exporting Countries and other large producers like Russian Federation agreed to take roughly 1.8m barrels a day of supplies off the market, in order to curb an already burgeoning surplus.
We believe that Irma will have a negative impact on oil demand but not on oil production or processing.
US crude futures rose 17 cents, or 0.35%, to $48.24 a barrel on the New York Mercantile Exchange.
Brent crude LCOc1 settled up 43 cents or 0.8 percent to $54.27 per barrel.
About 6.1 million customers were without power following Hurricane Irma, down from a peak over 7.4 million late Monday, according to local utilities.
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The report from OPEC also highlighted that production outside the group fell in August, driven by disruptions in the US after Hurricane Harvey rampaged through the oil producing regions in Texas and Louisiana.
Crude prices are down 8.6% in the previous year.
Oil prices finished higher Monday as investors assessed the impact of Hurricane Irma on energy demand in Florida and Hurricane Harvey's extent of damage to oil refineries on the Gulf Coast. But the oil cartel has struggled to raise oil prices amid an oil production boom in the U.S.
Six analysts polled ahead of inventory reports from industry group the American Petroleum Institute (API) and the U.S. Department of Energy's Energy Information Administration (EIA) estimated, on average, that crude stocks likely rose 2.3 million barrels in the week ended September 8.
Al-Falih said longer-lasting curbs "would be considered in due course as market fundamentals may dictate".
Data from industry group the American Petroleum Institute (API) was due later on Tuesday while the U.S. Department of Energy's Energy Information Administration (EIA) will release its numbers on Wednesday (9/13).