The North American benchmark WTI is up 0.2 percent in Asian trading hours after a big selloffs in the previous session last week. The oil market is calm ahead of the OPEC/N-OPEC review meeting. There are some expectations that in the review meeting, which will be held in St. Petersburg in Russia, there will be discussions about the recent output increase within the OPEC, especially with regard to Libya and Nigeria, the two exempted countries from the OPEC agreement.

When OPEC producers and participating N-OPEC countries concluded an agreement last November to reduce global oil supply by 1.76 million barrels per day, a review committee was formed composed of Algeria, Kuwait, Venezuela, and two N-OPEC participating countries including Russia, chaired by Kuwait and assisted by OPEC secretariat, to closely monitor the implementation of the deal and compliance of the participants.

The review meeting comes amid fallouts from the deal. Last week, Ecuador announced that it is opting out of the agreement due to financial pressures and the need to export more to balance budgetary constraints. While the review committee is unlikely to impose ceilings on Libyan or Nigerian production or bring back Ecuador under the agreement, its recommendations would be taken up at the next general OPEC meeting, which would be attended by all members.

Kuwait's oil minister, Essam al-Marzouq, said on Saturday that compliance was good with oil production cuts by OPEC and non-OPEC countries and that deeper curbs were possible. Meanwhile, OPEC Secretary General Mohammad Barkindo said on Sunday that a rebalancing of the oil market is progressing more slowly than expected, but will speed up in the second half of 2017.

WTI is currently trading at $45.8 per barrel and Brent at $2.3 per barrel premium to WTI.