Saudi Arabia said on Tuesday its oil output would be back to normal by the end of the month, with half the production lost in weekend attacks on two key facilities already restored.
The global market will return to balance only towards the end of 2018, no earlier than previously thought, as higher prices encourage the United States and other non-member producers to pump more, Opec said.
Algeria's energy minister said on Wednesday he expects Opec to extend oil output cuts by nine months, helping to ease a global glut of crude by the end of 2017 and possibly raise oil prices to more than $55 a barrel.
Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal on Thursday that Opec plans to extend into the second half of the year a deal with non-member producers to curb supplies of crude.
Oil prices were under pressure on Monday as a rebound in Libyan oil output at the weekend weighed against upbeat economic data from Asia that pointed to strong energy demand from the region.
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.
Saudi Arabia's Energy Minister Khalid al-Falih said on Wednesday it would take some time for the market to recover after a global oil deal between Opec and rival producers to limit supplies.
Oil prices shot to their highest levels since mid-2015 on Monday after Opec and other producers reached their first deal since 2001 to jointly reduce output in order to rein in oversupply and prop up markets.