The U.S. energy sector, meanwhile, continues to recover from the impacts of Hurricanes Harvey and Irma.
However, some market analysts addressed their concern about growing oil output from the US.
U.S. West Texas Intermediate and internationally-favored Brent crude oil surged on Monday with Brent hitting a new 2017 high.
Jeffrey Currie, Goldman Sachs' head of global commodities research, said this was in part due to the ability of USA shale producers to raise output despite low prices.
Platts is seeking feedback from the market by October 13.
Caught on the wrong side of the rally are bearish traders who believed US drillers would just ramp up production once prices rose over $50.00, but that is not likely to be the case.
Argus publishes prices for WTI Houston, WTI Midland, Mars and LLS in Asia. "WTI has no target higher until it can close over the 200-day at $51.01".
He said the oil firm had varied interests in seven deepwater concessions and successfully executed a Global Memorandum of Understanding (GMoU) with communities in OMLs 30 and 34, adding that NPDC achieved a major feat by successfully drilling and completing five horizontal wells in nine months in OML 26, leading to production of an additional 7, 000 bpd.
United States shale oil production is already growing rapidly and higher prices could prompt another surge in drilling.
Top oil executives gathered at the S&P Global Platts APPEC conference in Singapore said strong oil demand this year was accelerating market rebalancing and helping inventory drawdowns.
Crude oil, Nigeria's biggest revenue earner yesterday hit $58 per barrel, the highest price in 2017, surging the country's excess crude earnings by $22.1 million in one day. "An extension of the deal would probably be required and OPEC will likely keep it brewing for a while with its comments". Not everyone agrees. Oil producers have been stepping up hedging activity as 2018 WTI prices rose above US$50 a barrel, according to analysts from Citigroup and BNP Paribas.
It's also likely that USA shale oil exports will rise sharply in the next couple of years as production grows rapidly.
OPEC and its allies implemented even deeper cuts than required last month, but a period of higher prices could weaken their discipline.
On Tuesday, Turkish President Tayyip Erdogan repeated a threat to cut off the pipeline that carries 500,000-600,000 barrels per day (bpd) of crude from northern Iraq to the Turkish port of Ceyhan, intensifying pressure on the Kurdish autonomous region over its independence referendum.
OPEC also recently pledged to cut output by a collective nearly two million barrels per day, and there are signs that the notoriously fractured cartel will make good on its pledge this time.