The 14-country bloc's next meeting is June 22, when ministers will gather in the Austrian capital amid speculation that Saudi Arabia may push for more flexibility on production quotas in anticipation of sustained declines in Venezuela and the impact of USA sanctions on Iran.
For oil, traders were focused more on the details of the latest monthly market report from the Organization of Petroleum Exporting Countries.
"To make up for the losses, we estimate that Middle East OPEC countries could increase production in fairly short order by about 1.1 mb/d and there could be more output from Russian Federation on top of the increase already built into our 2019 non-OPEC supply numbers", the IEA said.
Oil prices edged higher on Wednesday, turning positive after US government data showed a bigger weekly draw than expected in domestic crude inventories along with unexpected declines in gasoline and distillate stocks.
Saudi Arabia, the largest producer in the group, recorded the biggest increase in May as its oil production rose by 161,400 bpd to 10.03 million bpd.
US West Texas Intermediate (WTI) crude futures were at $65.99 a barrel, down 37c or 0.6% from their last settlement.
The potential for OPEC to boost production has raised concerns about the cartel's limited spare capacity, which could fall to as low as 2 million bpd.
Citing "people briefed on the discussions", Bloomberg on Wednesday said Saudi Arabia had floated several oil output hike plans to fellow cartel members.
After months of sharp oil price rises there is now considerable uncertainty as to the market's direction for the rest of the year, OPEC said on Tuesday as a key meeting of oil producers looms.
International Energy Agency sees the two fuelling half the global demand growth in the next five years, with India driving incremental demand growth through the next two decades.
Fund manager Pierre Andurand at Andurand Capital is bullish. "My opinion is the world of energy requires longer periods of stability, both on the oil price side and in the relationship between members and non-members of OPEC, before any major decisions on oil cuts can be taken", she said.