Oil prices rose on Monday to their highest in seven months after major producers said at a meeting in Vienna the global market was well on its way towards rebalancing. The November Brent crude futures contract LCOc1 was up 35 cents at $57.21(42.30 pounds) a barrel by 0927 GMT, its highest since February 23.

U.S. crude for November delivery CLc1 was down 8 cents at $50.58, but not far off recent four-month highs.

The Organisation of the Petroleum Exporting Countries, Russia and several other producers have cut production by about 1.8 million barrels per day (bpd) since the start of 2017, helping lift oil prices by about 15 percent in the past three months, according to Reuters.

Kuwaiti Oil Minister Essam al-Marzouq, who chaired Friday’s meeting in Vienna of the Joint Ministerial Monitoring Committee, said output curbs were helping cut global crude inventories to their five-year average, OPEC’s stated target.

Russia’s energy minister said no decision on extending output curbs beyond the end of March was expected before January, although other ministers suggested such a decision could be taken before the end of this year.

Iran expects to maintain overall crude and condensate exports at around 2.6 million bpd for the rest of 2017, a senior official in the nation’s state oil company said, while the UAE’s energy minister said its compliance to supply cuts was 100 percent.

Nigeria is pumping below its agreed output cap, its oil minister said.

“On the basis of the current IEA estimates, the oil market is more or less balanced in the second half of the year,” said Commerzbank in a note. “For stocks to be reduced any further, however, the oil market would have to show a deficit, so the optimism appears exaggerated.”