Opec, as well as some non-affiliated producers like Russia, agreed late last year to cut output by 1.2 million barrels per day to prevent a large supply overhang from swelling more
Brent has risen nearly 12% so far in Jan, which would be the largest monthly percentage increase since Dec 2016
International Brent crude oil futures were at $59.64 per barrel, up 65 cents, or 1.1%, from their last close
Brent crude futures rose $2.23 to settle at $61.69 a barrel, a 3.75 percent gain
US light crude was up 98 cents at $57.44 after its steepest one-day loss in more than three years on Tuesday
Russia's TASS news agency reported that the two countries had started bilateral talks on the issue
The traders said, however, they expected some demand destruction in emerging market economies to help cap oil prices
IEA said last week that rising crude prices may dent demand in some of the world's fastest-growing nations unless producers take steps to boost supplies
US President Donald Trump has blamed the OPEC nations for surge in oil prices
Crude has rallied about 16 percent since mid-August as supply losses from Iran to Venezuela continue to rattle global markets
In July, Saudi Arabia told the producer group of the OPEC that it had cut production by 200,000 barrels per day to 10.288 million bpd
The Iranian issue is just one of several US foreign policy decisions that are reaching across the oil market with the potential to upend crude flows
Brent crude oil futures were at $73.25 per barrel at 0020 GMT, up 12 cents, or 0.2 per cent, from their last close
The market is having a wobble on the back of the potential impact on future supply from Iran and also for the ramifications for the Middle East as a whole
Brent crude futures were at $68.89 a barrel at 0315 GMT, up 25 cents, or 0.4 per cent, from their last close
a number of analysts have warned that the 13 per cent rally since the start of the year could peter out in the short term due to global refinery maintenance and rising North American production
Petrol prices also soared nationwide, as crude oil surges to 2-1/2-year highs following the explosion at the Libyan Crude oil pipeline and OPEC-led supply cuts and Russia.
Brent crude futures, the international benchmark for oil prices, were at $65.25 a barrel, near the $65.83 per barrel briefly on December 12, the highest since June 2015
Saudi energy ministry official said in a speech in Washington on Monday
Opec and non-Opec producers including Russia have agreed to reduce output by about 1.8 million barrels per day until March