Crude oil prices were up on Friday as the global oil market awaits the extension or deepening of crude production cuts by OPEC and its allies.
International benchmark Brent crude was trading at $40.38 per barrel at 0630 GMT for a 0.97% increase after closing Thursday at $39.99 a barrel.
American benchmark West Texas Intermediate (WTI) was at $37.67 a barrel at the same time for a 0.69% gain after ending the previous session at $37.41 per barrel.
Saudi Arabia-led OPEC oil-producing countries are set to meet next Tuesday via videoconference to discuss the extent and length of cuts that member states' can make in crude production levels to support prices.
The organization will meet next Wednesday with Russia-led non-OPEC oil production nations to discuss how much the latter can participate in a new agreement.
The seventh technical meeting between OPEC and non-OPEC, which was held on Thursday, assembles twice a year in preparation for the OPEC and non-OPEC ministerial meetings.
'We managed to bring together a group of producers under the DoC [Declaration of Cooperation] in December 2016. This group reversed the market downturn of 2014-2016,' OPEC Secretary-General Mohammad Barkindo said in a statement.
'We have been called upon once again, by the oil industry, indeed the world, to take action in the face of dire circumstances. And we have done that, with speed and aplomb,' he added.
Since the Declaration of Cooperation between OPEC and non-OPEC oil-producing nations in late 2016, the 23-member group, known as OPEC+, lowered their crude production levels four times to balance the global oil market and support prices after the oil price collapse between 2014 and 2016.
By Ovunc Kutlu
Anadolu Agency
energy@aa.com.tr