A report published Tuesday by the International Energy Agency found the global market for oil was "almost balanced".
Global oil inventories increased by 100,000 barrels a day in the first quarter - just 8% of their gain a year ago - and are set to drop by 700,000 a day in the second, the agency said.
OPEC and non-OPEC participants will meet on May 25 to review its production agreements, and signs suggest the deal is likely to be extended.
OPEC wants to reduce global oil inventories to their five-year average but so far has struggled to do so.
Russian Energy Minister Alexander Novak said the proposed extension of output cuts aimed to bring global commercial oil inventories down to the five-year average and stabilize the market.USA bank Goldman Sachs said the deal would likely extend the oil price rebound "although the rally so far.has remained modest compared to the move that occurred last year when the OPEC cuts were first announced". "There are no fast solutions to end this situation, and the only solution possible is to let oil prices work their way" to clear the oversupply, Al-Husseini said from the Saudi city of Dhahran.
Sharapova to enter Wimbledon qualifying
Maria Sharapova was granted a wild card to play in the pre-Wimbledon tournament in Birmingham on Thursday. The former Wimbledon champion is ranked 211 which is below the cut-off for direct entry.
Kuwait joined Saudi Arabia and Russian Federation in supporting an extension of oil-output cuts by OPEC and other global producers through the first quarter of 2018 to help trim global stockpiles. Oil has surrendered about half its gains since the producers' accord to cut output late previous year.
Extending the cuts at already agreed-upon volumes is needed to reach the goal of trimming global stockpiles to the five-year average, Kuwait's Oil Minister Issam Almarzooq said in an emailed statement on Tuesday.
The EIA (U.S. Energy Information Administration) estimates that Iraq's crude oil production fell by 5,000 bpd (barrels per day) to 4.4 MMbpd (million barrels per day) in April 2017-compared to March 2017.
"Growth was weaker than expected in the first quarter of 2017, however, with notable downward revisions seen in the USA (where demand is essentially flat), Germany, Turkey and India (where the effect of the currency reform lingers on)", said the IEA.