The Saudi Arabian endorsement of moderate curbs comes amid reluctance of main ally Russian Federation to make substantial cuts, and pressure from the US President Donald Trump to push prices lower.
Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, Khalid A Al-Falih recently spoke about reduced crude oil prices and mentioned that Prime Minister Narendra Modi was among the vociferous leaders of various countries who pitched for lowering down the oil prices. "How OPEC communicates this to the market may be just as important as what gets done".
Novak said on Thursday that Russian Federation would find it harder to cut oil output in winter than other producers because of the cold weather.
Mr Trump tweeted ahead of the Vienna meeting that "hopefully Opec will be keeping oil flows as is, not restricted. This includes the general consensus that prospects point to higher supply growth than expected global requirement and there are signs of a potential slowdown in demand", Mazrouei said as part of his opening address to the 175th meeting of the OPEC conference.
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.
Expectations had been for a joint cut of between 1 and 1.4 million barrels per day (bpd).
The U.S. sold overseas last week a net 211,000 barrels a day of crude and refined products such as gasoline and diesel, compared to net imports of more than 2 million barrels a day on average so far in 2018, and an annual peak of more than 12 million barrels a day in 2005, according to the U.S. Energy Information Administration.
While Saudi Arabia has indicated it is willing to cut production, its decision may be complicated by Trump's decision to not sanction the country over the killing of dissident journalist Jamal Khashoggi.
"I don't need approval from any foreign state when it comes to the issue of energy production", the top official said as quoted by RIA Novosti.
Otherwise, he added, the USA official has adopted an unprofessional, naïve, and meddlesome approach.
"This sits against a backdrop of rapid non-OPEC production growth - 2.4 million barrels per day year-on-year in 2018 and 2019, due mostly to gains in the U.S. output over both years". However, Libya, which had sought an exemption in 2016, said it was hopeful of procuring one, while Iranian oil minister Bijan Zanganeh said Tehran was unwilling to cut when it was still under USA sanctions.
"The oil cut will be between 1.0 and 1.3 million bpd".
OPEC is also riven by internal conflict, especially between regional rivals Saudi Arabia and Iran. The power of OPEC has been diminished, undercutting one of the major geopolitical forces of the last half century.