President Hassan Rouhani on Saturday called for Iran-Bolivia joint efforts for stabilization of oil market, fair prices and fair quota, especially efforts in the upcoming session of oil prices in Algeria.

Oil traders have closely watched the situation in Libya, where production now stands at about 300,000 barrels a day—a level that Libyan officials say they could quickly ramp up again if oil ports remained open and secure for an extended period.

“We see 2017-2020 as still having the potential for much higher prices. After 2020, there is a high risk that electric vehicle penetration will change the oil market forever.”

On the New York Mercantile Exchange, light, sweet crude futures traded at $43.65 a barrel at 0301 GMT, down 26 cents in the Globex electronic session. Brent crude on London's ICE Futures exchange fell 25 cents to $46.34 a barrel.

Executive Directors welcomed the steps the authorities have taken to adjust to the decline in oil prices and weaker growth in trading partners. However, they noted that the difficult external environment could hamper macroeconomic outcomes in the near term. While Azerbaijan’s policy buffers remain substantial, the balance of payments, fiscal position, and banking system would likely remain under pressure as the economy continues to adjust. Accordingly, Directors stressed the need to press ahead with reforms to secure macroeconomic and financial stability and promote a diversified and private sector-led economy.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at $43.72 a barrel at 0145 GMT, up $0.14 in the Globex electronic session. November Brent crude on London's ICE Futures exchange rose $0.27 to $46.12 a barrel.

The collapse of oil prices has forced Canadian and global producers to slash costs and curtail investment over the past two years. Even after a rebound from a 12-year low earlier this year, oil futures in New York are still about 60 percent down from their 2014 peak. Prices have been mostly stuck in the $40-$50 range for the past four months.

The governments of Argentina and the UK have agreed to work toward removal of restrictions on oil and gas work offshore the Falkland Islands.

Global oil demand growth is slowing at a faster pace than initially predicted.

Brent crude prices LCOc1 fell 92 cents to $47.40 a barrel by 0910 GMT (05:10 a.m. EDT), while U.S. West Texas Intermediate futures CLc1 declined by $1.03 to $45.26 a barrel.

Energy Minister Alexander Novak told in July that oil production was expected to reach 542-544 million tonnes this year (10.85-10.90 million barrels per day), up from about 534 million tonnes in 2015.

China pumped 16.45 million tonnes (3.87 million barrels per day) of crude in August, the least since December 2009 on a daily basis and the second month of sharp decline.

The producer cartel revised higher for this year and next oil supply forecasts from non-member countries, implying that demand for its crude will remain far lower than current near record output of more than 33m barrels a day.

Production from outside the Organization of Petroleum Exporting Countries will grow by 200,000 barrels a day next year, according to the group, which a month ago had projected a drop of 150,000 a day.

London Brent crude for November delivery was down 58 cents at $49.41 a barrel as of 0647 GMT after rising above $50 for the first time in two weeks and settling up $2.01, or 4.2 percent, on Thursday. NYMEX crude for October delivery was down 51 cents at $47.11.