The Organization of Petroleum Exporting Countries (OPEC) and its allies agreed that a technical analysis of the energy market shows the need to reduce oil supplies by a million barrels a day from the October level. Saudi Arabian Energy Minister Khalid Al – Na went.
However, this position shows a disagreement with the opinion of the largest oil producers as to the next steps that need to be taken in the market.
Saudi Arabia said it will not take too much action on oil prices but is ready to cut production in the future if necessary. This demand showed a sharp reversal of the OPEC meeting in September when the world's leading oil producers talked about extra oil extraction to ease supply contractions at the time.
Meanwhile, Russia urged OPEC and its partners to act cautiously and not to make hasty political decisions.
"We will do what is necessary to balance the market, and if it means a 1 million barrel supply reduction, we will do it," Khalid al-Falih said.
20 oil exporters have started to restrict production in 2017 to cope with market saturation. The group agreed to rebuild some of its production in June, and producers with no production capacity began extracting more oil.
The next OPEC meeting will be held in Vienna on 6 December.