But with strong oil demand growth, summer demand, and Brent futures flipping to backwardation, the OECD commercial stocks have started to draw down faster in the summer.
"Number two, to sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward", the top OPEC man said without elaborating on what these measures might include, although he mentioned that OPEC would welcome more participants in the production cut deal.
Good compliance with production caps, "strong" demand and slower-than-expected growth in USA shale output have helped accelerate the rebalancing, he said.
Saudi Arabia said it pumped 9.97 million barrels per day in September, up about 22,000 barrels per day from August, but below its OPEC target. But, the oil group soon moved to curb production-along with other oil producing nations-in late 2016.
For 2017, it forecast a rise of 380,000 bpd to 9.24 million bpd.
Opec now sees the global economy growing by 3.6 per cent this year and by 3.5 per cent in 2018, an increase by a tenth of a per centage point.
"A rise above that level would encourage United States oil producers to expand their drilling activities, otherwise the lower prices could lead to a reduction" in investments, it added.
WTI crude futures are up 0.1% to $49.65/barrel, while Brent crude is up 0.13% to $55.86.
On Wednesday, the Organization of the Petroleum Exporting Countries forecast stronger demand for its oil in 2018 and said its production-cutting deal with rival producers was clearing the glut after more than three years.
If OPEC does decide to extend the agreement, oil prices should at the very least, hold firm, and could easily build on recent gains through the remainder of the years.
"Although the motive behind the Saudi King visiting Moscow would not have been purely to discuss oil, the combination of the visit with the announcement of further production cuts does help improve sentiment ahead of the upcoming OPEC meeting on 30 November", Ahmad added.
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