Iran's oil minister will not join an Iranian delegation at a meeting this weekend of major crude producers aimed at negotiating a production freeze, the oil ministry said on Friday.
Oil fell on Thursday as the International Energy Agency trimmed its forecast for demand growth and on signs that a producers' meeting this weekend will not yield a concrete plan to reduce oversupply.
Opec warned that the world remains awash with crude ahead of a crunch meeting in Doha between cartel members and other major producers to discuss a production freeze to boost the oil price.
Oil rose above $43 a barrel on Tuesday, which is its highest level so far in 2016, mainly driven by hopes that the April 17 Doha meeting of producers will reach a deal to freeze output.
Oil reached a 2016 high above $43 a barrel, supported by hopes that an upcoming meeting of oil producers will agree steps to tackle a supply glut.
World oil prices rebounded Monday as dealers eyed supportive US data and hopes that producers will agree to limit crude output at a crucial upcoming meeting in Doha.
Oil prices slipped on Monday over worries that the result of next Sunday's meeting of producers in Qatar aimed at freezing current output levels would fail to improve the current supply-demand balance.
Oil prices rose on Friday, lifted by fresh hopes over a proposed freeze in oil production and firm economic indicators from the US and Germany that cast a positive light on growth in fuel demand.
Qatar’s crude oil production increased to 692,000 bpd in February compared with 637,000 bpd in January, QNB has said in a new report.
Oil prices rallied after Kuwait said an agreement to freeze output during a producers' meeting this month could still be reached despite conflicting statements by participants.
Oil futures fell in Asian trade as oversupply, a strengthening dollar and falls in regional stock markets all weighed on sentiment. But another fall in US oil output in January helped to limit the losses.
Opec oil output is rising in March, a Reuters survey found, as higher supply from Iran after the lifting of sanctions and near-record exports from southern Iraq offset maintenance and outages in smaller producers.
