But, to help ensure the production of oil remains balanced and keeps prices around the $60 per barrel mark that's suitable for suppliers and importers of the commodity, it's been suggested the cap should be extended beyond March 2018 when it is set to end.
At the time of writing, WTI was trading at US$50.32 a barrel and Brent crude was at US$56.17 a barrel. Prices are up 4.4 percent this week.
Brent futures were up $1.03, or 1.8 percent, at $57.28 a barrel by 12:12 p.m. EDT (1612 GMT). In China, the world's second-biggest oil market, crude imports in September jumped to the second-highest on record.
Global oil stockpiles will fall this year by 300,000 barrels a day as stronger demand and output curbs by OPEC and Russian Federation whittle away a surplus, the IEA said Thursday in its monthly report.
"The market is relieved that the U.S.is not going to pull out of the Iran nuclear deal today and they will instead kick the can down the road", said Phil Flynn, senior energy analyst at Price Futures Group in Chicago.
"We woke up with the strong data from China".
China's huge imports have been strongly driven by purchases for its strategic petroleum reserves.
Meanwhile, traders also focused on oil inventory data.
Tensions between the two, which traders fear could cut off oil exports from the region, have been building since Iraqi Kurds overwhelmingly backed independence in a September 25 vote.
On Friday, local television reported that tens of thousands of Kurdish fighters had deployed in the Kirkuk oil region to confront possible "threats" from Iraqi forces.
The OPEC expects demand to hike by 1.4 million barrels per day.
"Taking 2018 as a whole, oil demand and non-Opec production will grow by roughly the same volume and it is this current outlook that might act as the ceiling for aspirations of higher oil prices", the agency said.