Analysts estimate that if Russian Federation is willing to step up its production cuts, OPEC and non-OPEC countries could trim production by a combined 1.3-1.4 million barrels a day.
The group could eventually agree to remove about 1 million barrels a day, about 1 percent of global output, from the market, Al Rumhy said. "It is still under discussion", one delegate said.
Oil fell after the remarks, losing $2.90 to $58.66 a barrel at 10.37am in London.
OPEC countries were gathered Thursday to find a way to support the falling price of oil, with analysts predicting the cartel and key ally Russian Federation would agree to cut production by at least 1 million barrels per day. But they're contending with vociferous opposition from the USA president, who's taken to using his Twitter account to berate the group's policies and sees low oil prices as key to sustaining America's economic growth. "The World does not want to see, or need, higher oil prices!" said Trump, who has repeatedly accused the cartel of keeping prices artificially high. "I am optimistic. There will be a deal, but it is unclear how much Opec and how much non-Opec will contribute".
"If Mr. Hook has come to Vienna to apply for USA membership in OPEC, and this is the reason why he meets OPEC members, the request can be reviewed", Zanganeh told SHANA. The person asked not to be identified because the talks were private. Those differences persisted after Wednesday's meeting, OPEC delegates said.
Ardabili says any meaningful cuts in production must be made by the countries which have pumped above their quotas in breach of a 2007 deal between OPEC and non-OPEC oil producers.
"I hope that maybe these measures won't be necessary", he said in an interview with Bloomberg television in Vienna. An oil price around $60 suits the needs of producers and consumers and it should remain at that level in January, he said.
The Saudi energy minister also recalled three earlier meetings with the Prime Minister, and said that the Prime Minister had been "very vocal". If that happens, whatever cuts are agreed would have about the same effect on prices as the entry into effect of USA sanctions against Iran after market players had months to prepare for them.
Saudi energy minister Khalid al-Falih, OPEC's de-facto leader, has in recent weeks travelled to Libya and Nigeria to press them on the exemptions, though no public commitments have been announced. It is expected to show a 1.3 million barrel decline.
"The cartel has to go above and beyond the 1 million barrels cut, to at least 1.4 million to really steady the ship", said Neil Wilson, chief market analyst at Markets.com.