Saudi Arabia's minister of foreign affairs said on Thursday that it would be reasonable for the kingdom to go along with other producers in changes to oil production.
Oil prices fell on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month, and as analysts pointed to an ongoing supply overhang that was weighing on markets.
Oil prices rose more than 1 percent on Tuesday, reversing early losses, after Reuters reported Iran was sending positive signals that it may support joint OPEC action to prop up the market.
An across-the-board selling — particularly in transport, telecom and realty stocks — on Tuesday led the Qatar Stock Exchange to retreat below the 11,200 mark, reflecting the weak sentiments in the global oil prices.
Brent North Sea crude on Friday rose above $51, reaching the highest level since just before Britain's vote to quit the EU that sent markets crashing.
Saudi Arabia is sending signals that it could boost its crude oil supplies in August to a new record level, overtaking Russia, the world's top oil producer, as it gets ready for tough talks next month for a global output freeze pact.
Oil prices reached their highest levels in more than five weeks on Tuesday as the market rode optimism over potential producer action to prop up the market.
Russia, the world's top oil producer, is consulting with Saudi Arabia and other producers to achieve oil market stability, Energy Minister Alexander Novak said.
Oil prices rose about 1 percent in choppy trading on Friday, a day after its biggest gains in a month, as a weaker denominating currency, the US dollar, helped support crude.
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.
Oil prices extended losses in Asia on Wednesday after industry data showed a rise in US crude stockpiles, supporting oversupply concerns.
The oil market is "on the path to rebalancing" despite the recent decline in global oil prices, said HE the Minister of Energy and Industry, Dr Mohamed bin Saleh al-Sada.
