* OPEC, Russia moving closer to agreeing oil cuts for 2019
* Russia's Lukoil says ready to cut oil output if necessary
* Saudi crude output hits record 11.3 mln bpd in November
(Adds settlement prices, commentary)
By Stephanie Kelly
NEW YORK, Dec 5 (Reuters) - Oil prices dipped on Wednesday ahead
of a meeting of the world's biggest exporters, who will discuss
cutting output to help shore up prices and curb excess supply.
The Organization of the Petroleum Exporting Countries, Russia and
other producers will meet in Vienna this week to discuss a potential
cut in production.
A monitoring committee of OPEC and its allies, including Russia,
agreed on the need to cut oil output in 2019, two sources familiar
with the discussions said, adding that volumes and the baseline for
cuts were being debated.
Brent crude futures fell 52 cents to settle at $61.56 a barrel
after earlier reaching a session high of $63.29 a barrel and a low of $60.80.
U.S. West Texas Intermediate (WTI) crude futures fell 36 cents
to settle at $52.89 a barrel. The contract traded between $54.44 a
barrel and $52.16 a barrel during the session.
Russian Energy Minister Alexander Novak told reporters he had a
"good" meeting with his Saudi counterpart, Khalid al-Falih,
on Wednesday and they planned more talks.
"All of us, including Russia, agreed there is a need for a
reduction," Oman's Oil Minister Mohammed bin Hamad Al-Rumhy told
reporters after a ministerial committee that groups Saudi Arabia,
Russia and several other producers met on Wednesday.
Russia's No. 2 oil producer Lukoil is ready to cut oil
production if OPEC and other leading producers agree to do so, though
it would be technically difficult in winter, RIA news agency quoted
the company's head Vagit Alekperov as saying.
OPEC wants to avert a buildup in global oil inventories like the
one that sent prices from late 2014 into a prolonged slump that
brought Brent to below $30 a barrel at the start of 2016.
U.S. President Donald Trump pressured OPEC not to reduce output.
"Hopefully OPEC will be keeping oil flows as is, not
restricted. The World does not want to see, or need, higher oil
prices!" Trump wrote on Twitter on Wednesday.
"None of today's comments should have come as a surprise
since the key unknown remains the size of any such reduction and how
the cuts are distributed," Jim Ritterbusch, president of
Ritterbusch and Associates, said in a note.
"The Trump administration appears to be maintaining pressure
on the Saudis to limit any production cuts in precluding significant
price advances from current levels. And the fact that Russia still
appears somewhat non-committal would appear to tilt odds in favor of
about a 1.0-1.1 million barrels per day reduction."
Saudi Arabian crude supply in November rose to 11.3 million
barrels per day, a source familiar with the matter said.
. That marks a rise from October's 10.65 million bpd.
U.S. crude inventories rose by 5.4 million barrels in the week to
Nov. 30 to 448 million, data from industry group the American
Petroleum Institute showed on Tuesday.
Official U.S. government inventory data is due on Thursday,
delayed by one day. A Reuters survey forecast a decline of 900,000
GRAPHIC: Singapore gasoline & overall refinery margins
(Additional reporting by Amanda Cooper in London and Henning
Gloystein in Singapore Editing by Edmund Blair, David Gregorio and
((Stephanie.Kelly@thomsonreuters.com; 646-223-4471; Reuters