Oman oil minister says majority of OPEC and its allies support cut

Mr Al Falih expressed concern, however, over the recent downward turn of the oil markets, which had through the summer held about $80 per barrel, only to fall to $69 on Friday, after the US Energy Information Administration reported higher US production figures and the White House granted waivers to eight of Iran's top oil buyers.

During a meeting in Baghdad, Iraq and Saudi Arabia's oil ministers also discussed an electricity grid connection between the two countries to meet Iraq's power needs, he said.

Saudi Energy Minister Khalid al-Falih announced the kingdom was cutting its supplies by 500,000 barrels per day from December. Articles appear on euronews.com for a limited time.

Through large production cuts starting at the beginning of 2017, they managed to push up oil prices from below $30 a barrel to over $85 a barrel in October, strongly improving their revenues.

Iraq now pumps around 4.6 million barrels per day (bpd) of oil, second only to Saudi Arabia in the Organisation of the Petroleum Exporting Countries.

The sources said the discussions were not finalised as much depended on the reduction in Iranian exports.

In a final statement, they said they had "reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements".

Since then, OPEC production has risen 820,000 bpd since May, according to the latest S&P Global Platts OPEC survey.

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"There is no consensus yet among oil producers about cutting production", Falih said.

Asked by reporters in Abu Dhabi if the market is in balance, Saudi Energy Minister Khalid Al-Falih said: "We will find out".

He said market sentiment had shifted from fears of shortages to worries about oversupply.

He also attributed the sharp drop in prices to "microeconomic uncertainties", and signs of a build-up in crude inventories.

The UAE's Mazrouei said the goal of OPEC and non-OPEC cooperation was to strike a balance in the market.

The announcement came after crude prices declined by around 20 percent over a month, as supply has surged, especially by the top-three producers USA, Russia and Saudi Arabia.

The slide also comes during signs of a softer-than-expected impact from United States sanctions on Iran oil exports.

Commerzbank, Germany's second-largest lender, said Friday that oil producers must act to prevent prices tumbling.

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