Opec plans to meet with non-Opec oil producers on the same day as its scheduled May 25 conference, sources familiar with the arrangements said, as they decide whether to extend supply cuts into the second half of the year.
Global oil output plunged in January as Opec and non-Opec producers curbed supply to accelerate a market rebalancing following one of the largest oil gluts in a generation, the International Energy Agency said.
Energy ministers from Opec and non-Opec countries meeting in Vienna have struck a positive note regarding their agreement to cut oil output as a committee set to monitor compliance with the deal meets for the first time.
Oil climbed further above $52 a barrel on Friday, supported by a drop in US fuel inventories, though gains were kept in check by ample crude supplies even as Opec plans to cut output.
A global oil glut that has hurt producers but means cheaper pump prices for consumers looks set to go on at least six months longer than previously thought, the International Energy Agency said on Tuesday.
Algeria's energy minister has said there is a consensus among Opec and non-Opec members about the need to stabilise the oil market to support prices, state news agency APS reported on Saturday.
Russian President Vladimir Putin said an agreement between oil exporters to freeze output would be the right decision for the global market and a compromise should be found for Iran to achieve a deal.
Oil markets will begin to tighten in the second half of 2016 but the process will be slow and painful as global demand growth declines and non-Opec supplies rebound, the International Energy Agency said on Thursday.