At the current juncture, this means deciding whether to continue restraints on output set at the start of 2017 – their current deal to cap supply ends in three months.
Rising oil output in the United States has helped to offset the Opec-led curbs.
Crude has rallied almost 30% this year as Opec+ capped their output to bring the market back to balance.
The shale revolution has made the Permian into the world’s largest shale field, with production topping 4 million barrels a day.
US crude stockpiles declined 3.86 million barrels last week, defying a prediction for an increase in a Bloomberg survey of analysts.
Saudi Arabia, Kuwait and the United Arab Emirates delivered all of the supply curbs they pledged to prevent a global glut.
US sanctions against Opec members Iran and Venezuela have also contributed to the gains.
Europe’s biggest oil company says it plans to reduce its net carbon footprint by half by 2050.
Brent is near a three-month high and set for a more than 1% gain on the week.
Brent crude futures were up US$1.17 or 1.9% at US$62.68 a barrel by 1135 GMT.
Opec is almost three quarters of the way in delivering supply cuts that started on Jan 1 in an effort to avert a glut.
Investors are waiting to see how Venezuela responds to the latest American sanctions.
US energy companies last week increased the number of rigs looking for new oil for the first time since late December.
Preliminary data show the nation’s output has already fallen by more than 30,000 barrels a day relative to October levels.
The annual average price paid to farmers in Brazil is the lowest in four years in local currency terms.
US political turmoil triggered by the partial shutdown of the federal government is also adding to market concerns.
Economists predicted a 4.1% expansion, faster than the revised 5.5% growth in Oct.
The United Arab Emirates energy minister says extending the output agreement signed in early December will not be a problem and producers will do as the market demands.
The higher prices came amid an increase in Asian share markets on Wednesday.
Led by Saudi Arabia, Opec's crude oil production has risen by 4.1% since mid-2018, to 33.31 million bpd.
If oil producers close the taps, they risk choking off the global economy, which needs affordable oil to keep running.
Brent and WTI have averaged US$72.80 and US$66.10 per barrel so far this year.
Neither the Russian nor Saudis made any formal declaration about output volumes.
International Brent crude oil futures briefly dipped below US$60 per barrel before rising back to US$60.33 at 0746 GMT.
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