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The Organisation of the Petroleum Exporting Countries (OPEC) are now negotiating the future of the Vienna deal during the ministerial conference before putting the proposal on the table for other 10 non-OPEC producers on 7 December for a final approval at the OPEC-non-OPEC ministerial gathering.

That view was echoed by others, including the oil ministers of Nigeria and Iraq.

The cuts would take September or October 2018 as baseline figures and last from January to June, Oman's Oil Minister Mohammed bin Hamad Al-Rumhy said on Wednesday.

Investors did not seem convinced, however, and were pushing the price of oil down sharply again on Thursday, with some experts saying there is concern about the size of the cut.

Three delegates said OPEC and its allies could cut output by 1 million barrels per day if Russian Federation contributed 150,000 bpd of that reduction.

Brent crude rose $1.64, or 2.9 percent, to $61.70 a barrel by 1:46 p.m. EDT (1746 GMT).

Oil prices have fallen about 25 per cent in recent months. This was larger than the minimum 1 million bpd that the market had expected, despite pressure from U.S. President Donald Trump to reduce the price of crude. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many US politicians to impose stiff sanctions on Riyadh.

Experts say this week's meeting of the Organization of the Petroleum Exporting Countries will influence the price of oil over the coming months.

Oil prices LCOc1 have crashed by nearly a third since October to around $61 per barrel as Saudi Arabia, Russia and the UAE have raised output since June after Trump called for higher production to compensate for lower Iranian exports. How strongly it does so could depend on Russia's contribution, which will be determined in a meeting on Friday.

"The likelihood is that they will cut crude production rate, maybe not as dramatically as some people would like, to try and meet a balance between what the U.S. would like and their own personal interests", said Mr Spencer Welch, Director of Oil Markets, IHS Markit said.

"The stakes are high now for OPEC", he said.

Riyadh wants Moscow to contribute at least 250,000-300,000 bpd to the cut but Russian Federation insists the amount should be only half of that, OPEC and non-OPEC sources said. The OPEC-Russia alliance was made necessary in 2016 to compete with the United States' vastly increased production of oil in recent years.

OPEC is also riven by internal conflict, especially between regional rivals Saudi Arabia and Iran.

According to the source, the request was voiced on 6 December by Iranian Oil Minister Bijan Zangeneh who noted that in March and April Tehran's oil output had not been affected by the re-imposition of USA sanctions.

Zanganeh regretted that Qatar has made a decision to leave the OPEC, saying "Iran is not happy about Qatar's withdrawal from the OPEC".


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