December Brent crude oil futures LCOc1 were down 42 cents at $52.72 a barrel by 1100 GMT, below Monday's one-year high at $53.73, but off an intraday low at $52.51, while U.S. futures CLc1 were down 43 cents at $50.92 a barrel.

«Мы поддерживаем инициативу ОПЕК по фиксации лимитов на добычу и рассчитываем, что на заседании ОПЕК в ноябре эта инициатива воплотится в конкретные договоренности. Россия готова присоединиться к совместным мерам по ограничению добычи, и призывает к этому других экспортеров нефти», – подчеркнул Владимир Путин.

"Why should we do it?" Sechin, known for his anti-OPEC position, told Reuters in Istanbul on Monday evening, when asked if Rosneft, which accounts for 40 percent of Russia's total crude oil output, might cap its own output.

"Higher production from Libya, Nigeria and Iraq are reducing the odds of such a deal rebalancing the oil market in 2017," Goldman analysts said.

Global benchmark Brent crude futures LCOc1 reached a high of $52.57 a barrel, not far off a one-year high of $52.86 a barrel, by 1207, up 64 cents on Friday's close. U.S. futures CLc1 also gained ground, trading at $50.32, up 51 cents.

The minister "has affirmed the need to proceed forth with increasing oil and gas production through enhancing the national effort and those of the licensed companies for the remainder of 2016 and also for 2017," the statement said.

Brent LCOc1 traded at $52.11 at 1000 GMT, 40 cents down, after touching $52.84 earlier, two cents below the 2016 high. U.S. oil futures traded as high as $50.74 a barrel, a three and a half month high, before falling by 30 cents to $50.14 a barrel. On Thursday they settled at $50.44 per barrel - the first settlement above $50 since June 23.

Last week, the Organization of the Petroleum Exporting Countries agreed to cut between 200,000 barrels a day and 700,000 barrels a day of their output to reduce a global oil glut. The 14-nation oil-producing group controls over a third of the world’s oil production, but said it also wanted non-OPEC producers to join the effort to curb output.

If Nigeria and Libya restore production, the kingdom may need to cut twice as much. U.S. shale drillers also stand ready to fill any supply gap.

U.S. West Texas Intermediate (WTI) crude futures were trading at $49.22 per barrel at 0649 GMT, up 53 cents, or 1.1 percent, from their last settlement. In international oil markets, benchmark Brent crude was trading at $51.38 per barrel, up 51 cents, or 1.0 percent.

Paolo Scaroni, the former chief executive of Italy’s Eni SpA, said Iran is able to pump as much as 4.1 million to 4.2 million barrels daily.

Managing director of National Iranian Oil Company (NIOC) Ali Kardor said Iran will not cease to achieve the targeted crude oil output of 4 million barrels per day.

December Brent crude futures LCOc1 were last up 42 cents at $50.61 a barrel by 0913 GMT, off a session low of $49.74, while U.S. crude futures CLc1 rose 37 cents to $48.61 a barrel, above the day's low at $47.78.

Средняя цена нефти марки Urals по итогам января-сентября 2016 года составила $39,92 за баррель.

Demand for land rigs will rise 29 percent next year to 579, the S&P Global Platts unit said in a report released at the Benposium East conference in New York on Wednesday. Platts RigData forecasts average West Texas Intermediate crude prices to climb 23 percent to $52.18 a barrel in 2017. The Henry Hub natural gas benchmark is seen increasing 26 percent to $3.05 per million British thermal units.