While Tehran wants to set its production target at about 4.2 million barrels per day, Riyadh last week asked its regional rival to freeze its output at 3.6 million barrels per day in return for a production cut.

The November contract for global crude benchmark Brent was up 0.78% at $46.33 while its U.S. counterpart West Texas Intermediate gained 0.58% to hit $44.94.

The Securities and Exchange Commission today announced that oil services company Weatherford International has agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting. Two of the company’s senior accounting executives at the time have agreed to settle charges that they were behind the scheme.

“We need a gentle adjustment to reassure the market,” Mr. Falih said at a briefing where he was flanked by his Russian counterpart, Alexander Novak.

U.S. West Texas Intermediate (WTI) crude had fallen 38 cents to $45.55 a barrel by 0103 GMT, after rising $1.45, or 3.3 percent, in the previous session. Brent crude futures slipped 43 cents to $46.91 a barrel after closing up $1.46, or 3.2 percent.

Speaking to Shana while departing Tehran for Algiers to attend the International Energy Forum (IEF) to be held Tuesday and Wednesday in Algiers, Zangeneh said the current market conditions are not favorable for crude oil producers and consumers in the mid- and long terms.

Brent crude futures LCOc1 rose 73 cents to $46.62 a barrel by 1052 GMT, having rallied from a session low of $45.74, while U.S. crude prices CLc1 rose 54 cents to $45.02 a barrel.

“While the oil market has recovered from its most severe period, it’s still weak,” Nasser said.

“The kingdom is looking for consensus among oil producers to reach a credible arrangement for stabilising oil markets,” a Saudi official said on Friday. “We are looking at different scenarios and options to reaching this goal.”

Russia's oil taxes are already among the highest in the world.