The Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies such as Russian Federation - known as the OPEC+ alliance - pledged to withhold 1.2 million barrels per day (bpd) in crude supply from the start of the year to tighten markets and prop up prices.
USA crude futures eased slightly on Friday after hitting a 2019 high, as worries about the global economy and robust US production put a brake on prices.
US West Texas Intermediate (WTI) crude futures were at $58.38 per barrel, up 12 cents, or 0.2 percent, from their last settlement, and also close to November 2018 highs reached the previous day.
OPEC+ ministers will meet at the group's headquarters in Vienna, Austria, on April 17-18 to decide output policy.
"Tighter global inventories from OPEC-led supply cuts and".
Production cutbacks by OPEC nations are building a supply cushion that could be called upon to mitigate a possible supply shock from an abrupt drop in crisis-hit Venezuela's output, the IEA said Friday. "As it happens, 1.2 million bpd is also the size of the output cuts agreed by OPEC countries and some non-OPEC producers".
Crude has rallied nearly 30% this year as the Organisation of Petroleum Exporting Countries and its allied partners - known as Opec+ - capped their output to bring the market back to balance. The reduction is created to cut any oil glut and prop up prices.
Oil price gains have been limited by concerns that an economic slowdown that has gripped large parts of Asia and Europe will dent growth in fuel demand.
USA crude oil production also dropped, falling by 100,000 barrels per day, to 12 Mmbpd.
But oil consumption has held up so far.
"Therefore, in the event of a major loss of supply from Venezuela, the potential means of avoiding serious disruption to the oil market is theoretically at hand", said the IEA, adding that "production cuts have increased the spare capacity cushion".
OPEC, Russia and other non-member producers, an alliance known as OPEC+, are reducing output by 1.2 million bpd from January 1 for six months.
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