In the Middle East, the United States aims to cut Iran's crude exports by about 20 percent to below 1 million barrels per day (bpd) from May by requiring importing countries to reduce purchases to avoid USA sanctions, two sources familiar with the matter told Reuters.
The Energy Information Administration said Wednesday that US crude inventories fell by 3.9 million barrels in the week to March 8.
Oil futures rallied about 2 percent on Wednesday as US crude inventories unexpectedly fell and an official forecast of crude oil supply growth from the world's top producer was revised lower.
EIA expected these trends "to continue over the next several years".
"Oil prices were supported by expectations of tightening oil supply in the coming months amid increased unplanned outages", it added.
Oil prices have also received support from supply cuts led by the Organization of the Petroleum Exporting Countries and allies including Russian Federation.
Iraq also aims to sell more of its oil on the prized Asian markets, and in November it allocated 67 percent of its 2019 oil sales to Asia. Crude oil imports to the USA fell last week by 523,000 bpd to 6.4 million bpd.
Even so, with the demand for Opec crude forecast at 30.46 million bpd, the report indicates that the market would still face a small 2019 surplus if OPEC kept pumping at February›s rate, as rivals such as the United States boost output.
Meanwhile, US sanctions have helped slash output from OPEC members Venezuela and Iran.
Sources said Novak would be there on Sunday, along with Saudi Energy Minister Khalid Al Falih.
Total US petroleum product exports averaged a record 5.6 million bpd in 2018.
EIA's data also showed that on the exports side, US crude oil exports increased while domestic production rose as well.
Brent crude oil futures were at $67.15 per barrel at 0126 GMT, 8 cents below their last close, but still within a dollar of the $68.14 2019-high reached the previous day.
"With OPEC's cuts in full-swing. persistent supply issues and a deteriorating picture on Venezuela, oil is looking well supported", said Jasper Lawler, head of research at futures brokerage London Capital Group.