Oil prices have remained steady ahead of a meeting by energy ministers from the Organisation of the Petroleum Exporting Countries (OPEC) in Vienna.

Brent crude oil futures rose 11 cents at $49.83 a barrel, while the US West Texas Intermediate (WTI) crude futures edged up 12 cents at $49.13 a barrel, Reuters reported.

Ministers are set to discuss on oil prices at the meeting.

Riyadh is trying to revive a formal oil production target, while Tehran is not willing to cooperate with the output freeze proposal.

"The group’s current output is standing at 32.5 million barrels per day."

CMC chief markets analyst Michael Hewson told the news agency: "Expectations around today’s OPEC meeting are quite low, with some speculation about the potential for some form of quota or freeze, but the likelihood is that nothing will change."

OPEC’s overall production has remained largely flat this year despite an increase in production by its Middle Eastern producers.

The group’s current output is standing at 32.5 million barrels per day.

Citing militant attacks on oil infrastructure in Nigeria, power outages, as well as payment issues in Venezuela, Citi expects an increase in oil prices to above $50 per barrel in the near future.

Investors are also watching for the European Central Bank’s decision on euro zone monetary policy.