Gulf OPEC members Saudi Arabia and Kuwait have kept their oil production steady in October compared to the month before, according to official numbers submitted to OPEC, industry sources familiar with the matter said.
Russia on Tuesday said its oil majors were ready to back moves by the government to curb oil production in coordination with Opec to push up oil prices that have been under pressure for months.
Brent North Sea crude rose to $53.45 a barrel on Monday -- its highest price in a year after President Vladimir Putin indicated Russia was ready to join measures to limit global oil production.
Russia is aiming to keep its oil production at near-record levels despite Opec's decision to modestly reduce its output, Russian Energy Minister Alexander Novak said on Thursday.
Saudi Arabia and Iran on Tuesday dashed hopes that OPEC oil producers could clinch an output-limiting deal in Algeria this week as the group and non-member Russia were still trying to bridge differences between the kingdom and Tehran.
Saudi Arabia has offered to reduce oil production if rival Iran caps its own output this year, four sources familiar with the discussions told Reuters as Riyadh seeks an OPEC deal to curtail supply and boost prices.
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 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.
Oil markets steadied on Thursday after scaling 2016 highs for a third day in a row on the back of a weak dollar as investors looked beyond record high US crude inventories and relentless pumping by major producers.
Kuwait's state oil firm said it expects to restore full production within three days after workers ended a strike in a surprise about-turn that triggered a renewed slide in world prices.
Iran's oil production will reach pre-sanctions levels within two months, a deputy oil minister was quoted as saying in what could be read as a signal that it might be willing to join efforts to support prices.
Iran's oil production has already surpassed 3.5 million barrels per day, the deputy oil minister said on Saturday, and the Islamic Republic is seeking to increase oil and gas exports in the coming month.
