Oil prices slipped over four percent on Thursday afternoon as OPEC members began their closed-door meeting in Vienna.
International benchmark Brent crude was trading 4.4 percent lower at $58.84 a barrel 1.50 pm Riyadh time, while West Texas Intermediate (WTI) stood at $50.59, falling 4.3 percent.
In his opening address at the OPEC session, UAE Energy Minister Suhail Al-Mazrouei said that all OPEC member countries must work together to meet the new challenges as well as continue to work jointly to balance the oil market for a healthy economy.
Earlier in the day, CNBC quoted Saudi Energy Minister Khalid Al-Falih as saying that a cut of one million barrels would be sufficient.
"The Kingdom is comfortable with the current oil price," he added.