OPEC has tentatively agreed to a reduction in oil production, but is waiting for Russia to declare its commitment before deciding the exact volumes for a cut to support crude oil prices.
The agreement was reached during Thursday talks between OPEC members in the Austrian capital of Vienna.
Russian Minister of Energy Alexander Novak returned home from Vienna for talks with President Vladimir Putin in St. Petersburg. He will return to Vienna on Friday for discussions between OPEC and non-OPEC allies.
"We hope to conclude something by the end of tomorrow … We need to involve non-OPEC countries," Saudi energy minister Khalid al-Falih told reporters that the OPEC meeting It has begun.
"If everyone is not willing to join and contribute the same way, we will wait until they are," he said.
Asked if OPEC could fail Falih said that all options were on the table.
His comments came after Iranian oil minister Bijan Zangeneh said that Tehran will not commit to any OPEC production levels as long as it remains under US illegal sanctions.
Saudi Arabia has signaled the need for strong production reductions since January, but has been put under pressure by US President Donald Trump, who urged Riyadh to refrain from cutting cuts in order to keep oil prices low.
The price of crude has declined by almost a third since October but Trump has asked Opec to make oil even cheaper, avoiding production cuts.
"We hope OPEC maintains oil flows as it is, not restricted, the world does not want to see, or need, higher oil prices!" Trump wrote in a tweet on Wednesday [1
– Donald J. Trump (@realDonaldTrump) 5 December 2018
The Trump administration has sent the special envoy of the country to Iran Brian Hook in Vienna, where he held an interview with the Saudi energy minister one day before the 175th OPEC meeting
The dialogues were harshly criticized by Iran, who called it "intransigent" and "unprofessional".
"If Mr. Hook came to Vienna to apply for US membership at OPEC, and this is why he meets OPEC members, the request can be reviewed, "Zangeneh told Shana.
Otherwise, he added, the US official took a non-professional, naive and deceptive approach.
"OPEC is an independent organization, not a part of the US Department of Energy to take orders from Washington," Zangeneh said.
Any cuts in the output of OPEC and its allies were between 0.5 and 1.5 million barrels and one million bpd was acceptable, the Saudi energy minister said Thursday.
I ran said he is closely monitoring the next steps of some members of OPEC and their allies who have "arbitrarily" increased oil production, causing a price collapse.
The Governor of the Iranian Opec Hossein Kazempour Ardabili said today that any significant cut in production must be made by the countries that pumped over their shares in violation of a 2007 agreement between OPEC and non-OPEC oil producers .
According to Ardabili, "the five or six countries benefiting from the situation should cut their production from 1.4 million to 1.8 million barrels per day at a minimum to bring prices back to an upward trajectory. This consensus is highly unlikely. "
Brent oil futures fell 5 percent to less than $ 59 a barrel due to fears that there was no agreement, but later recovered somewhat. , falling 2 percent by 1325 GMT.