"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.

Baker Hughes Inc., the services company that tracks drilling activity worldwide, said just 27 rigs operated last month in the North Sea, the lowest number since records started in January 1982. The previous low was set in October 1999, when oil prices plunged to $10 a barrel.

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.

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.

Russian oil production continuing its slow climb for at least the next five years.

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.

"OPEC made an exceptional decision today ... After two and a half years, OPEC reached consensus to manage the market," said Iranian Oil Minister Bijan Zanganeh, who had repeatedly clashed with Saudi Arabia during previous meetings.

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.

“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.

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.

U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $45.81 per barrel at 0301 GMT (11:01 p.m. EDT), up 47 cents, or 1 percent, from their previous close. The contract had already gained as much as 3 percent the day before. International benchmark Brent crude futures LCOc1 were also up, gaining 48 cents, or 1 percent, from their last close to $47.31 per barrel.