The IEA raised Cause.movement.up.gain its estimate of supply growth from outside the Organization of the Petroleum Exporting Countries to 1.8 million bpd in 2019 , from 1.6 million bpd previously .

Fellow Gulf Arab ally and OPEC exporter Kuwait has already said that OPEC is unlikely to disrupt Cause.movement.down.loss oil supply in an effort to ramp up Cause.movement.up.gain prices because such a move would not necessarily be effective .

Some analysts have also warned that the disruptions Cause.movement.down.loss are likely to cause other producers , particularly outside the Organization of the Petroleum Exporting Countries , to quickly triple Cause.movement.up.gain supply as futures rise Movement.up.gain .

Crude prices were boosted Cause.movement.up.gain following news OPEC 's October output declined Movement.down.loss by 80,000 bpd to 32.78 million bpd , putting adherence to its pledged supply curbs Cause.movement.down.loss at 92 % , compared to September 's 86 % .

Fellow Gulf Arab ally and OPEC exporter Kuwait has already said that OPEC is unlikely to curb Cause.movement.down.loss oil output in an effort to revive Cause.movement.up.gain prices because such a move would not necessarily be effective .

OPEC , Russia and several other oil producers have been cutting Cause.movement.down.loss output since January 2017 in an attempt to ease global oversupply Oversupply and prop up Cause.movement.up.gain prices .

The group also refused last week to reduce Cause.movement.down.loss processing to revive Cause.movement.up.gain prices , sending Brent crude prices to a five-year low Position.low this week .

`` The big mistake was that they continued to curb Cause.movement.down.loss processing to try to bolster Cause.movement.up.gain the prices and the price dropped Movement.down.loss anyway , '' said analyst Yasser Elguindi of Medley Global Advisors .

Last week , oil finished higher Movement.up.gain on Friday , boosted Cause.movement.up.gain by signs of rising Movement.up.gain crude demand in China , but prices failed to avoid a weekly loss Movement.down.loss amid concerns Negative_sentiment over rising Movement.up.gain production in the U.S. Meanwhile , February Brent crude futures , the benchmark for oil prices outside the U.S. , jumped Movement.up.gain $ 1.20 , or roughly 1.9 % , to settle at $ 63.40 a barrel by close of trade .

Crude prices closed up Movement.up.gain more than 4 percent on Thursday as rising violence Civil.unrest in producer Libya and a boost Cause.movement.up.gain in oil demand .

The Fed 's stimulus program is viewed by many investors as a key driver in boosting Cause.movement.up.gain the price of commodities as it tends to depress the value of the dollar .

Even as both sides ramped up Cause.movement.up.gain production and the war of words , Novak said the door was n't closed to future talks .

Now , either OPEC agrees to put a floor under prices in the short-term , or a prolonged period of lower Movement.down.loss prices starts to cut Movement.down.loss long-term investment or prop Cause.movement.up.gain demand , he says .