Saudi, Gulf OPEC producers could slash oil output by 4%

Saudi Arabia and other Gulf OPEC producers are ready to reduce four percent from their peak oil output, energy ministers from the GCC told their Russian counterpart this week, sources told Reuters.

In the closed-door meeting in Riyadh, Russian energy minister reportedly told Gulf ministers that Russia doesn’t plan to cut its output, but would only freeze it at the current level.

OPEC members and other oil producers, such as Russia, are set to meet in Vienna, Austria Oct. 28-29 to make the offer, as well as iron out details of last month’s production cap agreement that was discussed in Algeria. 

Iraq, OPEC’s second-largest producer after Saudi Arabia, said this week it would not cut output as it needs as much funds as possible to fight off Daesh militants. 

One OPEC source quoted by Reuters, however, said everyone must cut, with “no exemptions.”