"We have built capacity of up to 2.4 million b/d, but [we are] currently producing about 1.9 million b/d," Omar Farouk, the special adviser on international energy relations to Nigeria's oil minister of state, said on the ministry's twitter handle.

The World Bank is raising its 2017 forecast for crude oil prices to $55 per barrel from $53 per barrel as members of the Organization of the Petroleum Exporting Countries (OPEC) prepare to limit production after a long period of unrestrained output.

A senior Iranian oil official here on Monday voiced Tehran readiness to join the Organization of Petroleum Exporting Countries (OPEC) oil freeze plan to help stabilize prices in international markets.

He further quoted Iranian Minister of Petroleum Bijan Zangeneh as saying that Iran would need at least 200 billion dollars of investment in its upstream and downstream sectors under the development plan.

“We should be producing 9 million if it wasn’t for the wars,” said Falah Al Amri, the director general of state oil marketing company SOMO.

Brent crude futures LCOc1 were down 18 cents at $51.60 a barrel by 0725 ET. U.S. West Texas Intermediate (WTI) crude CLc1 was down 37 cents at $50.48.

U.S. crude oil production declined 8.9 percent from year ago levels. However, at an average of 8.6 million barrels per day, domestic crude oil production in September increased by 0.8 percent from August–the first month over month increase in six months. Compared with year to date 2015, domestic crude oil production declined 6.1 percent. Compared to third quarter of 2015, crude oil production decreased 8.5 percent for the third quarter of 2016. September crude oil production was the third highest level for the month and the second highest year to date level in 31 years, since 1985.

U.S. gross crude oil imports increased by 528,000 barrels per day (b/d), or 7%, during the first half of 2016 compared to the first half of 2015. This increase reverses a multiyear trend of decreasing U.S. crude oil imports as a result of increasing U.S. production.

U.S. Rig Count is down 234 rigs from last year's count of 787, with oil rigs down 151, gas rigs down 85, and miscellaneous rigs up 2. Canadian Rig Count is down 47 rigs from last year's count of 190, with oil rigs down 15, and gas rigs down 32.

U.S. West Texas Intermediate (WTI) crude CLc1 was trading at $50.59 a barrel at 0652 GMT, down 4 cents from its last settlement. Brent crude futures LCOc1 were up 7 cents at $51.45 per barrel.