Speaking to the media before OPEC, 14th meeting of the joint ministerial monitoring committee in Jeddah, Saudi Arabia, Kachikwu expressed hope that the deal would be extended, without a risk of war in the region.

Meanwhile, Saudi Arabia's Energy Minister Khalid Al-Falih recommended "gently" driving oil inventories down at a time of plentiful global supplies and said OPEC would not make hasty decisions about output ahead of a June meeting.

He said while there is concern about supply disruptions, inventories are rising and the market should see a "comfortable supply situation in the weeks and months to come.

Falih said the Organization of Petroleum Exporting Countries, of which Saudi Arabia is defacto leader, would have more data at its next meeting in late June to help it reach the best decision on output.

OPEC, Russia and other non-OPEC producers, an alliance known as OPEC+, agreed to reduce output by 1.2 million barrels per day (BPD) from Jan. 1 for six months, a deal designed to stop inventories building up and weakening prices.

Russian Energy Minister Alexander Novak told reporters that different options were available for the output deal, including a rise in production in the second half of the year.

The Energy Minister of The United Arab Emirates, Suhail Al-Mazrouei, said oil producers were capable of filling any gap in the oil market and that relaxing supply cut was not "the right decision".

Oil prices edged lower on Friday due to demand fears amid a standoff in Sino-U.S. trade talks, but both benchmarks ended the week higher on rising concerns over disruptions in middle east shipments due to U.S.-Iran political tensions.

Tensions between Saudi Arabia and Iran are running high after last week's attacks on two Saudi oil tankers off the UAE coast and another on Saudi oil facilities inside the kingdom.