We provide specialized data/information products and member-only services to targeted audiences worldwide and rank among the leading providers of news, data and analysis for the global energy industry.
Meanwhile, the United Arab Emirates voiced optimism that other producers would participate saying that the oil market needs prices that provide an incentive to invest in production.
As a result of demand catching up with supply, oil prices are expected to rise to towards $60 per barrel, spurring more oil production from U.S. shale.
International Brent crude oil futures were trading at $54.75/bbl at 2:07 a.m. CT (8:07 GMT) Dec. 6, down 19 cents, or 0.3%, from close on Dec. 5. U.S. West Texas Intermediate crude was at $51.47/bbl, down 32 cents, or 0.6%.
OPEC Secretary General Mohammed Barkindo announced the meeting plan at a conference in New Delhi, according to a copy of his speech. The meeting had earlier been due to take place in Moscow.
West Texas Intermediate added to overnight gains of 9% to reach $50 a barrel for the first time since October. Brent crude, which soared $4 overnight, touched a six-week peak of $52.73 a barrel.
U.S. oil demand in September rose by 2.3%, or 446,000 barrels per day, from a year ago to 19.86 million barrels per day, according to the EIA.
Report shows breakeven prices for natural gas developments in the Mediterranean Sea and the U.S. Gulf of Mexico are among the lowest in the world.
A source told Reuters that OPEC delegates were now discussing a bigger than expected cut in production of 1.4 million barrels per day.
OPEC sources said experts in Vienna on Nov. 28 failed to bridge differences between its de facto leader, Saudi Arabia, and the group's second- and third-largest producers over the mechanics of output cuts.
U.S. shale oil producers will increase their output if oil prices hit $60 a barrel, meaning OPEC will have to walk a fine line if it curtails production to prop up prices, IEA director general Fatih Birol said.
IG Group market strategist Jingyi Pan said market sentiment has been buoyed by reports that key producers including Iran and Iraq were thinking about restraining production.
Occidental Petroleum, Chevron, Pioneer Natural Resources and ConocoPhillips are among those adding rigs or preparing to do so.