If there is a decision to extend the supply cut it will be until the end of 2018, said the Omani oil minister, Mohammed bin Hamad al-Rumhi, adding that he did not think producers would agree to deepen the curbs.
"The recent price support, namely the tension in the Middle East, has been swept aside as rising rig counts and USA shale output (are) in the focus of traders", PVM Oil Associates analyst Tamas Varga said.
Mazrouei said on Monday that coordinated cuts by OPEC and suppliers outside the group have helped trim crude inventories from record storage levels, "I am optimistic about the whole of 2018", which will be a "recovery year" for oil markets, he said.
The American Petroleum Institute (API) reports weekly crude and refined product inventories later on Tuesday.
In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November a year ago.
The U.A.E. favors maintaining the cuts, which are set to expire at the end of the first quarter, Minister of Energy Suhail Al Mazrouei said. That would prolong the agreement among OPEC, Russia and other oil-producing nations to keep 1.8 million barrels a day (MMBPD) off the market.
According to OPEC's monthly market report, the forecast demand for its oil next year has been increased by around 400,000 barrels a day from the previous month to 33.4mmbpd, about 0.46mmbpd higher than in 2017.
So far this year, Brent has averaged $54.5 a barrel.
Also, OPEC sees no reason for investors to expect oil to hit peak demand before 2040, the organization's secretary general said Monday.
Investors increasingly opted not to bet on higher oil prices, following a report from the International Energy Agency showing it expects rising United States shale oil and gas production to at least be among the biggest gains in the history of the industry.
Tensions in the Middle East have raised the prospect of disruptions, but it was unclear whether a strong natural disaster that hit Iran and Iraq on Sunday had affected the region's oil production.
Crude oil stocks in the US are seen down 2.850 million barrels, while distillates are expected to post a drop of 1.775 million barrels and gasoline inventories are seen down 1.025 million barrels.
Bahrain said over the weekend that an explosion which caused a fire at its main oil pipeline on Friday was caused by sabotage, linking the attack to Iran, which denied any role in the incident.