Oil prices have recovered after dropping by around 2% in early trading as the market is struggling with prospects that major producers will agree to production cuts to control the global glut.

The producers will meet on Wednesday.

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Brent crude futures LCOc1 touched at $46.89 per barrel, while the US West Texas Intermediate (WTI) crude futures CLc1 inched up to touch at $45.70 a barrel, reported Reuters.

On Friday, prices fell by more than 3% as there were concerns over whether the OEPC would be able to come to an agreement to help restrict global supply.

"Do not take an announcement of a headline cut of one million barrels per day at face value."

Since 2014, prices have dropped by more than 50%.

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Saudi Arabian Energy Minister Khalid al-Falih was quoted by the news agency as saying that the market will balance by next year.

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There is a growing level of disagreement between OPEC and non-OPEC on how much production should be cut.

PVM Oil Associates Ltd managing director of brokerage David Hufton was quoted by Reuters as saying: "Do not take an announcement of a headline cut of one million barrels per day (bpd) at face value.

"It could still imply an OPEC production level considerably in excess of 33 million bpd, depending on developments in Libya and Nigeria and the speed and rigor of compliance."