U.S. Energy Secretary Jennifer Granholm held a telephone call with Saudi energy minister Prince Abdulaziz bin Salman to reaffirm the importance of international cooperation to ensure affordable and reliable energy for consumers, she said on Twitter.
It was the first call to Saudi Arabia from a U.S. official ahead of an OPEC meeting since U.S. President Joe Biden took office.
OPEC+ will debate two key options on April 1 for oil policies from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.
OPEC and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million bbl/d to support prices and reduce oversupply. Saudi Arabia has added an additional 1 million bbl/d to those cuts.
Two OPEC+ sources said the increase would not exceed 500,000 bbl/d.
The April 1 virtual meeting is scheduled to start at 1300 GMT.
Oil prices rose on April 1 on hopes that OPEC and its allies will keep production curbs in place when they meet on April 1 plus optimism over a U.S. government spending plan.
Brent crude was up by 91 cents, or 1.5%, at $63.65/bbl by 0849 GMT. WTI in the U.S. was up 99 cents, or 1.7%, at $60.15/bbl.
In its latest oil price forecast, Stratas Advisors explores whether oil prices will rebound in the second quarter or continue on the downward trend of the last several weeks.
The week of unchanged prices came with the announcement of oil production increases from OPEC+ among other developments, says Stratas Advisors in its latest oil price forecast.
A few days before the April 1 meeting, OPEC+ delegates had said the group would likely keep most existing oil output cuts in place. But in the 24 hours before the meeting started, sources said discussions had shifted to a possible output increase.