Russian Federation is the world's biggest oil producer, while Saudi Arabia is the biggest exporter.
HONG KONG (AP) - A strong U.S.jobs report shored up markets on Friday, though energy shares remained under pressure after the price of oil touched its lowest level in nearly six months.
Opec countries and countries outside the cartel participating in the deal on reducing oil production have reached a full consensus on extending the deal, Al-Falih said.
OPEC and 11 other exporting nations agreed last year to take 1.8 million barrels a day off the market in the first six months of this year.
Venezuela is undergoing a wave of unrest with protesters angry at an economy in crisis, with food and medicine shortages and soaring inflation.
Since US is not a party to the agreement to cut supplies, US shale producers are free to hike production as prices rise, which in turn could undermine the unified effort to prop up the market.
On Monday, Brent crude was trading around $52 a barrel, up from below $49 earlier in May. Brent crude futures, the global benchmark for oil prices, were at $50.86 per barrel at 0125 GMT (9:25 p.m. ET on Sunday), little changed from their last close at $50.84.
Even so, the IEA does not see global oil markets returning to balance-or the five-year average, which is used to measure the market balance-before the year's end.
Since then Opec ministers have issued a flurry of supportive statements to assure the market that a deal is likely to come from the May 25 meeting. ― Reuters picSINGAPORE, May 16 ― Oil prices rose today, extending gains after a joint announcement by top producers Saudi Arabia and Russian Federation to push for an extension of supply cuts until the end of March 2018 gained traction.
Futures climbed for a fifth day in NY, extending a 2.1 per cent jump Monday after the Saudi and Russian energy ministers said they favour extending curbs until the end of March. U.S. oil output has jumped by more than 10 per cent since mid-2016 to over 9.3 million bpd. They noted the rally has been modest so far, compared with last year's move when cuts were first announced.
USA shale drillers aren't the only ones threatening to offset OPEC's oil production cuts.
In its monthly report last week, OPEC said that global markets are still suffering from oversupply and it appealed to other producers, including the US, to stop pumping so much.