Top oil producers will consider fresh output cuts at a meeting this week, but analysts are doubtful they will succeed in bolstering crude prices dented by the U.S.-China trade war.

The OPEC petroleum exporters' cartel and key non-OPEC members want to halt a slide in prices that has continued despite previous production cuts and U.S. sanctions that have squeezed supply from Iran and Venezuela.

Analysts say the OPEC+ group's Joint Ministerial Monitoring Committee, which monitors a supply cut deal reached last year, has limited options when it meets in Abu Dhabi on Thursday.

UAE Energy Minister Suheil al-Mazrouei said Sunday the group would do "whatever necessary" to rebalance the crude market, but admitted that the issue was not entirely in the hands of the world's top producers.

Speaking at a press conference in Abu Dhabi ahead of the World Energy Congress, to start Monday, he said the oil market is no longer governed by supply and demand but is being influenced more by U.S.-China trade tensions and geopolitical factors.

The minister said that although further cuts will be considered at Thursday's meeting, they may not be the best way to boost declining prices.

"Anything that the group sees that will balance the market, we are committed to discuss it and hopefully go and do whatever necessary," he said.

"But I wouldn't suggest to jump to cuts every time that we have an issue on trade tensions."

The new factor is the trade dispute between the world's two biggest economies, whose tariffs have created fears of a global recession that will undermine demand for oil.

Saudi economist Fadhl al-Bouenain said the oil market has become "highly sensitive to the U.S.-China trade war."

"What is happening to oil prices is outside the control of OPEC and certainly stronger than its capability," Bouenain said.

"Accordingly, I think OPEC+ will not resort to new production cuts" because that would further blunt the group's already shrunken market share, he said.

(With input from AFP)