Oil prices have remained steady as major oil producers across the globe gathered in Algeria to discuss a production freeze deal to help the oversupplied market. 

Brent crude futures LCOc1 fell two cents and traded at $45.87 a barrel, while the US crude prices CLc1 rose seven cents at $44.55 a barrel, Reuters reported.

Members of the Organization of the Petroleum Exporting Countries (OPEC) are set to meet informally in Algeria from 26-28 September to discuss a possible deal to curb output.

"How can they decide a freeze when Libya is on the doorstep of returning production, or Nigeria for that matter?"

Algeria oil minister Nourredine Bouterfa said even if the OPEC fails to reach a deal, the cartel will continue talking about reducing production as it heads into its next meeting to be held in Vienna on 30 November this year.

SEB commodities strategist Bjarne Schieldrop told the news agency that unplanned outages across OPEC countries still amount to around two million barrels per day making it difficult for members that are pumping more crude.

Schieldrop said: "They will come away with nothing, because it is too difficult. How can they decide a freeze when Libya is on the doorstep of returning production, or Nigeria for that matter?"

Sources told the news agency that Saudi Arabia did not expect a decision to be made in Algeria and offered to cut production in case Iran accepts the same this year. Tehran has yet to respond to the offer.