Oil jumped as much as 6 percent, trading above $63 a barrel in London.
The stakes are high after crude prices suffered their largest monthly drop since the global financial crisis in November.
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Angola Is in Talks With Majors to Boost Oil Output by 2020
OPEC has reached an agreement in principle to boost oil production, achieving a last-minute compromise.
OPEC Meets Its Allies in Vienna for Approval of Oil-Supply Hike
Brent crude last month surged to a more than three-year high above $80 a barrel.
Iranian Minister Bijan Namdar Zanganeh said he was optimistic about the outcome of the OPEC meeting now.
Proposal involves a complex calculation based on how much the group has cut production beyond the initial target.
Saudi Arabia favours modest production increase from OPEC+.
OPEC is discussing a relatively modest production increase before its meeting in Vienna this week.
OPEC members are discussing a compromise agreement.
OPEC Resistance to Saudi Supply Plan Grows With Iraqi Defiance
Saudi Arabia’s oil output at over 10 million barrels a day.