At 1040 GMT (5:40 a.m. ET), Brent crude futures LCOc1 were trading at $48.89, down 6 cents from their close. U.S. West Texas Intermediate (WTI) crude CLc1 was down 2 cents at $47.94 per barrel.

"According to our plans, (Russian) oil output is going up next year. If we keep production at the current level we are making our contribution, for us that essentially means a cut of 200,000-300,000 barrels per day (in 2017)", he told journalists.

Iran and Iraq emerged as major stumbling blocks to an OPEC agreement on reducing crude-oil output, as cartel members gathered ahead of their official meeting to tackle the thorny puzzle of how to share the pain of reducing their production

Brent crude oil futures LCOc1 were up 85 cents a barrel at $49.75 by 1000 GMT (5:00 a.m. ET), having earlier risen $1 in a push against the $50 mark for the first time since the end of October. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 68 cents, or 1.4 percent, at $48.92 a barrel.

Brent crude oil LCOc1 was up 60 cents a barrel at $47.23 by 1120 GMT (6:20 a.m. ET). U.S. light crude CLc1 was up 50 cents at $46.07.

"We will do everything that our partners from OPEC are expecting. To freeze oil production is not an issue for us," Putin told a news conference in Lima after the APEC summit.

Domestic crude oil production in October was higher compared to the prior month, but was lower than the prior year, and the prior year to date. At an average of 8.6 million barrels per day, U.S. crude oil production in October decreased 8.0 percent from October 2015, but increased from September by 0.2 percent. October’s crude oil production was the third highest since 1985 and the second highest year to date in 31 years, since 1985.

Global oil demand won’t stop growing before 2040 despite pledges made at the Paris climate change summit last year to cap greenhouse-gas emissions.

Venezuela has borrowed over $50 billion from China under a financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the world's second-biggest economy are used to pay down loans.

Nigeria reached a $5.1 billion settlement to reimburse foreign oil companies including Exxon Mobil Corp. and Royal Dutch Shell Plc for past operating costs.

Brent crude oil LCOc1 was up 60 cents a barrel at $47.23 by 1120 GMT (6:20 a.m. ET). U.S. light crude CLc1 was up 50 cents at $46.07.

Iran overtook political rival Saudi Arabia as India's top oil supplier in October, shipping data showed, just ahead of a producers' meeting this month to hammer out the details on output cuts aimed at reining in a global glut.

Pakistan's gasoline consumption rose 17.5% year on year to 4.385 million mt in fiscal 2015-16, while high speed diesel consumption rose 2.6% to 6.223 million mt and furnace oil sales fell 250,000 mt to 8 million mt.

Global benchmark Brent crude LCOc1 was down 39 cents at $46.56 a barrel at 0917 GMT. It closed Tuesday 5.7 percent higher on news that members of the Organization of the Petroleum Exporting Countries would renew efforts to limit production. U.S. crude CLc1 was 47 cents lower at $45.34 a barrel.

Light, sweet crude for December delivery settled down 9 cents, or 0.2%, at $43.32 a barrel on the New York Mercantile Exchange, the lowest settlement since Sept. 19. U.S. oil fell as low as $42.20 a barrel, the lowest intraday price since mid-August, before a rebound throughout the afternoon. Brent, the global benchmark, fell 32 cents, or 0.7%, to $44.43 a barrel, its lowest settlement since Aug. 10.