Iran is sending signals that could support joint action to boost the oil market, OPEC sources and industry officials said, which can help revive a tentative agreement to freeze production levels at a meeting next month.
The third largest OPEC producer, which has been increasing its production since Western countries lifted sanctions against it in January, had rejected an attempt in April to stabilize production.
While Iran has not yet decided whether to join a new initiative, Tehran is more willing to get along with other oil producers, said the source.
Despite the rise this year, a barrel of oil at $ 49 costs less than half that in mid-2014.
Members of the Organization of Petroleum Exporting Countries (OPEC) will have an informal meeting next month in Algeria in the framework of an International Energy Forum.
Venezuela, whose economy has been hit hard by falling oil prices, has tried for months to bring producers to an agreement limiting pumping.
Iran confirmed their participation in the OPEC meeting in Algeria, a source said on Tuesday the group.