The producers' group, which pumps more than half the world’s crude oil, has been bickering for a month about the timing of ministerial talks in Vienna.
Focus returns to OPEC’s attempts to fix a meeting on supply cuts.
'Crude remains vulnerable on falling demand expectations from trade uncertainty and OPEC’s inability to solidify its curtailment of future production,' says Ed Moya, chief market strategist.
Saudi Arabia is seeking to balance global oil markets before 2020.
Saudi Arabia and its allies are expected to extend output cuts into the second half of this year, despite growing tension within the group.
'The market is also trying to assess whether the increase in stockpiles will be offset by the summer driving season in the US,' says commodities analyst Sungchil Will Yun.
'What’s amazing about this dispute is that it has little to do with the actual content of the agreement – a rollover seems almost certain,' says Croft.
The countries have so far stop short of making any specific commitments on output volumes once the current OPEC+ agreement expires at the end of June.
May was the first full month of compliance by Russia this year, producing 76,000 barrels a day below the cap for the nation set under the OPEC+ deal.
The possible extension of supply curbs by the Organisation of Petroleum Exporting Countries and its allies could be a catalyst for oil to resume this year’s rally.
Al-Falih says OPEC will be able to reach the best decision on output when they will have more data in their next meeting in June.
OPEC's agreed share of the cuts is 800,000 bpd, but its actual reduction is far larger due to the production losses in Iran and Venezuela.
Russia will join the OPEC+ talks this weekend having barely fulfilled its pledged production cuts, but keen to secure a share of any potential output increase.
"With OPEC keen to avoid last year’s mistakes where they pre-emptively raised supply, buyers will need to pay up before producers raise output.'
The government will spend RM130.45 million in subsidies to rein in the price of fuel from May 4 to May 10.
Starved of OPEC supplies, American refiners in February processed the least-dense crude in data going back to 1985.
Russia is ready to meet demands of partners all around the world but will respect an agreement made with OPEC which is in force until July.
Oil had already climbed almost 40% this year as Opec nations reduced production.
US crude inventories fell by 1.4 million barrels in the week to April 12, compared with analyst expectations for an increase of 1.7 million barrels.
The impact of lower Iranian exports can be seen in pricing moves for various crude grades in the region.
Iraq was exempted from Opec production quotas for almost two decades, a concession granted because the country had been mired in conflict since 1980.
Oil markets have been tightened this year by US sanctions on oil exporters Iran and Venezuela.
By cutting supply, Opec and its allies prevented the re-emergence of a surplus due to booming US shale output and a slowing global economy.
“Supply disruptions in Libya are lifting prices at a time when appetite for risk assets is rising as concerns over global growth ease,”