OPEC plans to hold an open session, with media, from around 9 a.m. London time before going into a closed session at midday, according to a tentative schedule on OPEC’s website. Non-OPEC members are set to join at around 3 p.m., with a joint press conference to follow proceedings.

Brent crude traded at around $63.43 on Thursday morning, up 0.51 percent, while U.S. crude was trading at $57.42, up 0.21 percent.

The price of oil collapsed from near $120 a barrel in June 2014 due to weak demand, a strong dollar and booming U.S. shale production. OPEC’s reluctance to cut output was also seen as a key reason behind the fall. But, the oil cartel soon moved to curb production — along with other oil-producing nations — in late 2016.

The exporters reached the current deal last November and have already extended the agreement once through March 2018.

— CNBC’s Patti Domm contributed to this report.