OPEC has tentatively agreed an oil output reduction but is reportedly waiting for Russia to declare its commitment before deciding the exact volumes for a cut aimed at propping up crude prices.
The agreement was reached during the Thursday talks between OPEC members in the Austrian capital of Vienna.
Russian Energy Minister Alexander Novak flew home from Vienna earlier for talks with President Vladimir Putin in St Petersburg. He is going to return to Vienna on Friday for discussions among OPEC and non-OPEC allies.
“We hope to conclude something by the end of the day tomorrow … We have to get the non-OPEC countries on board,” Saudi Energy Minister Khalid al-Falih told reporters before the OPEC meeting started.
“If everybody is not willing to join and contribute equally, we will wait until they are,” he said.
Asked whether OPEC could fail to reach a deal, Falih said all options were on the table.
His comments came after Iran’s Oil…