Oil price gains of more than one per cent on Friday are holding as Opec tries to agree a deal to increase output to compensate for losses in production at a time of rising global demand.
Suhail Al Mazrouei, the UAE's oil minister, is optimistic that a deal will be reached on supply, he told reporters in Vienna.
"Opec has had "many more difficult times than now," Mr Al Mazrouei said. "We are not going to destroy what we have built."
The mood at the Opec gathering eased considerably after a meeting on Friday between Saudi Arabia's oil minister Khalid Al Falih and his Iranian counterpart Bijan Zanganeh. Saudi Arabia and Russia want to raise output, but some other Opec members, including Iran, have opposed this.
After the bilateral meeting, Zanganeh said he was "not pessimistic" that a compromise could be reached.
Mr Suhail said it doesn’t benefit anyone to break the current alliance and that Opec plans to take a unanimous decision.
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Sultan Al Jaber, chief executive officer of ADNOC, gestures as he speaks during the opening day of the 7th OPEC international seminar in Vienna, Austria. Stefan Wermuth / Bloomberg -
Mohammed Barkindo, Opec secretary general. Stefan Wermuth / Bloomberg -
Opec inched closer to an agreement that would allow an oil-supply increase after positive talks between Saudi Arabia and Iran. Stefan Wermuth / Bloomberg -
Khalid Al Falih, Saudi Arabia's energy minister. Stefan Wermuth / Bloomberg -
Mustapha Guitouni, Algeria's energy minister. Stefan Wermuth / Bloomberg -
Parviz Shahbazov, Azerbaijan's energy minister. Stefan Wermuth / Bloomberg -
Aldo Flores Quiroga, Mexico's deputy energy minister. Stefan Wermuth / Bloomberg -
Ministers have gathered in the Austrian capital to discuss a supply increase that would be equivalent to about 600,000 barrels a day, or 0.5 per cent of global supply. Stefan Wermuth / Bloomberg -
UAE's Energy Minister Suhail Mohamed Al Mazrouei arrives for the Opec meeting in Vienna. Heinz-Peter Bader / Reuters
