OPEC began capping supply in partnership with Russian Federation and several other nations a year ago in order to end a punishing downturn in oil prices. But they're contending with vociferous opposition from the US 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.
"Nobody wants to mention a number, because it means you're committing yourself to how much you're going to cut", said Al Rumhy.
Iran is now subject to US sanctions and as such won't participate in any curbs, the country's OPEC governor Hossein Kazempour Ardebili said this week. It fell further on Thursday after OPEC's lack of action and amid broader concerns about global economic growth.
Talking to reporters after arriving in Vienna, Saudi Arabia's oil minister Khalid Al-Falih while responding to a question said, "We take the views of Prime Minister Narendra Modi seriously who is vocal about the issue".
That is not to say the decision by Opec and partners was the only factor. It has wanted an exemption.
Oil prices fell 1 percent on Wednesday, weighed down by swelling United States inventories and a plunge in global stock markets as China's government warned of increasing economic headwinds.
Falih said a production cut of 1.3 million barrels per day is "excessive" in light of Alberta's decision this week to cut 325,000 bpd in order to drain the Canadian province's brimming stockpiles of crude.
"I think the likelihood is that they will cut crude production rate, maybe not as dramatically as some people would like, to try and meet a balance between what the USA would like and their own personal interests".
OPEC agreed in principle to cut production during a meeting at its headquarters in Vienna, Austria on Thursday, two sources told Reuters.
"If they would, then (Russia and others) could adjust their negotiation strategy", said Jan Edelmann, analyst at HSH Nordbank.
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The U.S. shale patch has managed to significantly cut wellhead breakeven prices since the oil price crash of 2014.
Worldwide benchmark Brent crude fell $1.77, or 2.9 percent, at $59.79 a barrel by 2:22 p.m. ET, after falling to a session low at $58.36.
Russian Federation has so far resisted steep production cuts.
"Hopefully, OPEC will be keeping oil flows as is, not restricted".
Oil prices have fallen by nearly a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports. Nonetheless, Saudi Arabia is in a delicate position, in the wake of the murder of opposition journalist Jamal Khashoggi. Some experts say that gives the US some leverage over the Saudis, though Al-Falih denied that on Thursday. Given the economic sanctions being reimposed by the US, Tehran doesn't intend to join any agreement for cutting production, the country's oil minister Bijan Namdar Zanganeh said.
Iran has said it is carefully monitoring the next steps by some OPEC members and their allies which have "arbitrarily" ramped up oil production, leading to a crash in prices.
Zanganeh said the estimated surplus now on the market amounted to 1.3-2.4 million barrels per day.
"A million (barrels cut) would be ideal", Al-Falih said.
"The stakes are high now for OPEC".
The American transformation from a net importer to exporter is a direct result of the expanding United States oil industry; with "thousands of new wells" appearing in Texas, New Mexico, North Dakota, and Pennsylvania. Washington also gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.