The International Energy Agency (IEA) said in its monthly report on Thursday that the oil market would balance in the second half of the year. The agency noted that a deal on the freeze of the oil output would have only limited impact on the production.

The IEA also said there were signs that the decline in US shale production accelerated.

The IEA noted that the Organization of the Petroleum Exporting Countries' (OPEC) oil output declined by 90,000 barrels per day (bpd) in March to 32.47 million bpd due to lower output from Iraq and Nigeria.

Saudi Arabia's output fell by 30,000 bpd in March to 10.19 million bpd.

Non-OPEC production dropped by 90,000 bpd in February to 57.1 million bpd.

Non-OPEC output is expected to decline by 710,000 bpd in 2016.