The IEA's stronger demand estimate have helped lift oil prices, Matthew Beck, managing director of a US$8 billion (RM33.6 billion) oil and natural gas bond and private-equity portfolio at John Hancock Financial Services Inc in Boston, said by telephone.
Its next meeting will be on September 23, said Al-Marzouq who indicated that the committee will discuss reports and recommendations regarding the global prices during the event.
Early Wednesday, the U.S. Energy Information Administration said domestic crude supplies climbed (http://www.marketwatch.com/story/eia-reports-smaller-than-expected-rise-in-us-crude-supplies-output-climbs-2017-09-13) by 5.9 million barrels for the week ended September 8.
Oil consumption will increase in 2017 by an upwardly revised 1.6m barrels a day to 97.7m b/d, the energy body said its closely-watched monthly oil market report published on Wednesday.
Traders also weighed weekly data from the USA government which revealed a smaller-than-expected rise in crude supplies, a hefty drop in gasoline stockpiles and a jump in domestic output as production in the Gulf of Mexico recovered in the wake of disruptions from Hurricane Harvey.
In December 2016, OPEC and 11 countries outside the cartel agreed to withdraw 1.8 million barrels per day from the oil market in the first half of 2017.
The IEA also raised its forecast for growth in global oil demand after thirst for crude "grew very strongly year-on-year" in the second quarter of this year.
The global surplus of crude and stocks over the five-year average fell to 190 million barrels.
West Texas Intermediate, the US benchmark for the price of oil, took an erratic turn in early trading to lose 0.12 percent from the previous close to $48.01 per barrel.
Just over half of all U.S. refinery capacity is located in the U.S. Gulf Coast (defined as Petroleum Administration for Defense District 3). The IEA said a global oil surplus was beginning to shrink due to stronger-than-expected European and U.S. demand growth, as well as production declines in OPEC and non-OPEC countries.
But the EIA also reported that total domestic US crude output jumped by 572,000 barrels a day to 9.353 million barrels. This weekly drop in inventories was smaller than the drop that occurred following a previous outage of the Colonial Pipeline in September 2016, when Lower Atlantic gasoline inventories fell by almost 6 million barrels. This will support efforts by Opec countries and other producers including Russian Federation, that have combined forces to curb global supplies by around 1.8m b/d to ease inflated oil stockpiles and boost prices.
Gold is 0.1 per cent lower at 1,320.40/troy ounce. The IEA said it is time to reexamine the region's energy security with the U.S. adding refined products to the country's strategic petroleum reserves alongside crude.
After being hurt by Hurricane Harvey, positive sentiments have started building up in the oil space with a wave of positive news.