The oil producers could agree (though Russian Federation doesn't want to) to reduce the output to somewhere between the May and October figure (say a cut of up to 1 million) - cutting all the way to May level may attract the wrath of Donald Trump.
Crude prices hit four-year highs of more than $80 a barrel in late September and early October over fears of the impact of U.S. sanctions on Iranian oil exports, sparking warnings of prices hitting $100.
As a result, the state's rising production could further dampen oil prices, while also spurring the ongoing development of oil-shipping infrastructure, eventually weighing on energy prices across the US.
Saudi Arabia will reduce oil supply next month in response to lower demand, and more cuts could follow next year.
Saudi Arabia pumps about 10.4 million barrels of oil each day, with production decisions set at the national level and in coordination with OPEC.
"Saudi Arabia has stepped in front of the oil market bears, proactively announcing they will reduce exports", said Stephen Innes, head of trading for Asia/Pacific at futures brokerage Oanda in Singapore. That confounded a market that was anticipating a stricter enforcement.
Last week, higher United States energy stockpiles drove WTI crude to its longest losing streak in more than 30 years, while Brent crude dropped below $70 a barrel for the first time since April. Oman's Oil Minister Mohammed Al-Rumhy said "there is a consensus that there is an oversupply and we need to do something".
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Russian Federation and China have both resumed trade with North Korea after noting its improved relationship with the US. The United States and South Korea resumed combined exercises on Monday after canceling key drills in 2018.
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Ivan Cavaleiro's 13th-minute strike put Wolves ahead after capitalizing on a mistake by Granit Xhaka. City remain unbeaten 12 games into the Premier League campaign after another impressive display.
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Butte County Sheriff Cory Honea announced the figure on Sunday night, raising the number of people missing by more than 100. Smoke billows from the Camp Fire as a firefighting helicopter flies near Pulga, Calif., on Sunday, Nov. 11, 2018.
Meeting to examine how to curb a sharp slide in oil prices, the producers said they "reviewed current oil supply and demand fundamentals and noted that 2019 prospects point to higher supply growth than global requirements".
Although there are signs of a glut emerging in the US, the Saudi minister said Sunday it was too early to talk about coordinated production cuts within OPEC+.
"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the USA, more than compensating for lost Iranian barrels", Forex.com analyst Fawad Razaqzada told AFP before the meeting.
He also attributed the sharp drop in prices to "microeconomic uncertainties" and signs of a build-up in crude inventories.
"This relief gives Iraq time to start taking steps towards energy independence", a video published on the US Embassy in Iraq's official Facebook page said.
Commerzbank, Germany's second-largest lender, said Friday oil producers must act to prevent a free fall of prices.