Kazakhstan has said it needs to adjust the terms of the deal as it expects to boost output later this year thanks to the giant Kashagan field.
A six-month extension to supply curbs from the end of March is one of the options being considered by Opec and its allies, according to a person familiar with the matter.
Oil prices headed higher Tuesday, stretching gains in to a second-consecutive session as the latest OPEC report that showed oil production from the cartel fell last month.
"It's going to take some time for the markets to figure out the full impacts of the hurricanes but certainly from an oil production standpoint there was very little, if any, disruption", said Joe McMonigle, energy policy analyst at Hedgeye Potomac Research in Washington.
West Texas Intermediate for October delivery was at $47.72 a barrel on the New York Mercantile Exchange, up 24 cents, at 1:31 p.m.in London. Total motor gasoline supplied (the agency's proxy for demand) averaged over 9.9 million barrels a day for the past four weeks, up by about 400,000 barrels a day compared with the prior week. The cartel, in cooperation with other oil producers including Russian Federation, set production quotas since January in an effort to drain the global overhang of supply. ICE gasoil changed hands at $516.00 a metric ton, down $2.00 from the previous settlement. Prices added 43 cents, to $54.27 on Tuesday.
Ministers are now discussing extending the supply cut for at least three more months beyond March, before OPEC meets again in November.
Nigerian oil minister Emmanuel Kachikwu said in an interview with Financial Times that was published on Tuesday that the country will resist any pressure to curb its output as it clearly needs more time to recover after country's production dipped sharply a year ago following militant attacks on Nigeria's oil-rich delta.
Harvey is still likely to be a bigger driver for the crude market, analysts at Goldman Sachs said.
"It's hard to say whether they'll go through with it at this moment".
OPEC and other producers, including Russian Federation, have agreed to reduce output by about 1.8 million bpd until next March in a bid to reduce global oil inventories and support oil prices.
USA crude production rebounded last week to an average of 9.4 million barrels per day from 8.8 million bpd a week earlier, entirely the result of increases in the lower 48 states.
In a deal aimed to clear the supply glut, Opec is curbing output by about 1.2 million bpd, while Russian Federation and other non-Opec producers are cutting by half as much, until March 2018.