Oil prices have increased due to the freezing of output by Russia and Saudi Arabia, while Iran stands firm on its policy to ramp-up production.

Brent crude LCOc1 rose 28 cents at $32.46 a barrel, while the US crude CLc1 edged up 16 cents to $29.20 a barrel, Reuters reported.

Iran Oil Minister Bijan Zanganeh is set to meet his Venezuelan, Iraqi and Qatar counterparts in Tehran.

"Analysts said the proposal to freeze output will not make any major difference to the overall supply demand balance in 2016."

As part of a proposal that could lead to the first global production deal in 15 years, Saudi Arabia, Russia and other oil producers agreed to freeze their production at January levels.

Renaissance Capital analyst Ildar Davletshin said Iran may be excluded from the deal as it seeks to increase production following the lifting of international nuclear sanctions in January 2016.

FGE analysts said the proposal to freeze output will not make any major difference to the overall supply-demand balance in 2016.

Investors are keenly watching for the US oil inventory data to be released later on Wednesday.