The Organization of the Petroleum Exporting Countries (OPEC) released its monthly report on Monday. OPEC's output declined by 175,000 barrels per day (bpd) to 32.28 million bpd in February, according to the report. The decline was driven by lower output Iraq, Nigeria and UAE.

Iran's oil production rose by 188,000 bpd to 3.1 million bpd.

Supply from non-OPEC members is expected to fall by 700,000 bpd in 2016.

Global oil demand is expected to climb by 1.25 million bpd in 2016, unchanged from February, OPEC noted.

Reuters reported on Monday that OPEC sources said OPEC and non-OPEC members will meet in mid-April in Doha to discuss the freeze of the oil output.

Earlier, OPEC and non-OPEC producers planned to meet on March 20 in Moscow.

Iranian Oil Minister Bijan Zanganeh said on Sunday that the country was not ready to freeze its oil output until output of 4.0 million barrels a day was reached.

"They should leave us alone as long as Iran's crude oil has not reached 4 million. We will accompany them afterwards," he said.

Zanganeh noted that $70 a barrel would be a suitable oil price.

He pointed out that Iran's oil exports will increase to 2 million barrels a day this month from 1.75 million barrels a day a month earlier.

Iranian oil minister will meet with Russian Energy Minister Alexander Novak on Monday.

The oil driller Baker Hughes reported on Friday that the number of active U.S. oil rigs declined by 6 rigs to 386 last week. It was the lowest level since December 4, 2009.

The number of gas rigs slid by 3 to 94.

Combined oil and gas rigs decreased by 9 to 480.

The National Bureau of Statistics said on Saturday that China's industrial production increased 5.4% year-on-year in January and February, missing expectations for a 5.6% rise, down from a 5.9% gain in December.

Fixed-asset investment in China climbed 10.0% year-on-year in the January-February period.

Retail sales in China increased 10.2% year-on-year in January and February, missing expectations for a 10.8% gain, after a 11.1% rise in December.

These data added to concerns over the slowdown in the Chinese economy.

(raw materials / closing price /% change)

Oil 38.38 -0.31%

Gold 1,249.40 -0.79%