The Organization of Petroleum Exporting Countries (OPEC) has a compliance rate with their output cut pledges of about 86 percent, Fatih Birol, the executive director of the International Energy Agency (IEA), said on Tuesday. "Their compliance is about 86 percent, higher than in the past... whether or not they will continue with this plan in November it's up to them.

"If they do so, we may see, sometime next year, a re-balancing of the markets, as we still see a significant amount of stock in the markets which is higher than historical averages."

OPEC and other producers including Russia agreed to cut their production by around 1.8 million barrels a day until next March to drain a global oversupply and prop up prices.

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