Ministers from Saudi Arabia and its OPEC allies in the Gulf region have offered their Russian counterpart Alexander Novak a cut in their oil output by 4 percent from peak levels, global news agencies reported Thursday.
Russia, which announced a spare production of around 4 million barrels of oil per day last week, has been reported to seek for a freeze rather than a production cut with OPEC counterparts.
The Gulf countries are said to have made the offer this week, ahead of a key meeting in Vienna on Oct. 28-29.
At the Vienna meeting, OPEC and non-OPEC producers are expected to seek to bridge the gap over how much each country should cut to raise oil prices.
Last Sunday, OPEC’s second-largest producer, Iraq, sought exemption from production cuts along with other countries such as Libya, Nigeria and Iran, where production has seriously decreased due to violence or from sanctions.
By Sibel Akbay
Anadolu Agency
sibel.akbay@aa.com.tr