The Saudi minister said that it was important that all non-OPEC producers participate in any agreement to reduce production and that all options were on the table to reach an agreement.
OPEC meets on Thursday in Vienna, followed by talks with allies such as Russian Federation on Friday.
He tells reporters the nations are "after a stable market and also a fair price for the producers as well as the consumers". A cut of a million barrels would be the minimum to support the market, and anything less could see the price of oil fall another $10 a barrel, according to Wilson.
It is unclear for now how much each country is willing to cut, particularly Russian Federation, which has been less enthusiastic for production limits than in 2016, when the group along with its allies collectively agreed to reduce output by 1.8 million bpd starting January 2017, with an extension through to May this year.
The lower prices may lead to a slowdown in drilling activity and lower investments in the shale patch, US oil industry executives and analysts say.
So, this might mean a mere conservative cut in crude output - a middle ground that is not too disappointing in the eyes of participants in the oil market, yet not too severe to prompt angry reaction from Washington.
US President Donald Trump has repeatedly pushed Saudi Arabia and OPEC to boost oil production in order to drive down crude prices. This comes as US crude oil is now trading at $53 a barrel, which is down from a four-year high.
That would be a more bullish outcome than Al-Falih had hinted at early in the day, when he said a reduction of about 1 million barrels a day from the entire OPEC+ coalition should be adequate and "certainly we don't want to shock the market".
OPEC members expected to agree oil production cut
While ministers met in OPEC's Vienna headquarters, Trump tweeted that the "world does not want to see, or need, higher oil prices!".
WTI Crude prices at $50 are scaring the US shale patch, according to Price Futures Group analyst Phil Flynn.
Saudi Arabia, the de facto head of the cartel, finds itself in an especially delicate position in the wake of the murder of journalist Jamal Khashoggi. Delegates said details of how to share that out and the extent of the contribution from non-OPEC allies remained unresolved.
"The big unknown is how President Trump will react to any production cuts", said analysts at ING.
Oil output from the world's biggest producers - OPEC, Russia and the United States - has increased by a 3.3 million bpd since the end of 2017, to 56.38 million bpd, meeting nearly 60 per cent of global consumption. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many United States politicians to impose stiff sanctions on Riyadh.
Zanganeh said the estimated surplus now on the market amounted to 1.3-2.4 million barrels per day.
OPEC members will also have to contend with Iran. While it said it was purely a practical decision because it mainly produces natural gas and little oil, the move was viewed as a symbolic snub to the Saudi-dominated organization.
Mr Trump said this week on Twitter that Beijing had agreed to "reduce and remove" tariffs the 40% tariffs it places on U.S. cars. I am a Tariff Man . "President Xi and I want this deal to happen, and it probably will".
Bush's funeral at Washington National Cathedral , tearfully remembering his dad as 'the best father a son or daughter could have'. Worldwide tributes have poured in for Bush, whose political locus was foreign policy and America's place in the world.
It was always a nonsense that MPs, after the " meaningful vote ", would be somehow gagged from expressing a view. The opposition Labour Party said May needed to get a better deal or step aside and let them govern.
Ohio State head football coach Urban Meyer is set to announce his retirement at a press conference Tuesday, the school announced. Meyer has piled up wins at Ohio State after a similar run over six years at Florida that included two national championships.
If you are someone who deals a lot with spam calls or texts, this app is definitely useful and could come in handy. If you were, for some reason, hoping to download CM File Manager or Kika Keyboard , I have some bad news.
They were announced as hosts to the January 6 (January 7 NZT) ceremony, to be broadcast live on United States network NBC . The HFPA loves to anoint new shows, but this year, Barry is the only new comedy that really blew the doors off.
At the time, the collapsed merger was considered one of the major casualties of the trade war between China and the US. Qualcomm has a large presence in China so they were not left with any real options except to cancel the deal.
Huawei CFO arrested in Canada for alleged trade with Iran
After the dinner, the two nations announced they would pause any escalation of tariffs and resume trade negotiations for 90 days. Over the summer, Australia barred Huawei from providing 5G technology for wireless networks in the country over espionage fears.
India's pace hype faces stern Australia test
He has made some adjustments which have helped him. "I don't think it's going to play a massive part in this game". The 24-year-old pacer has claimed 28 wickets in six Tests with an impressive economy of 2.91 per over.
5G Galaxy S10 with Snapdragon 855 seems like a done deal
In addition, Qualcomm re-launched its ultrasonic, under-glass fingerprint sensor technology, called the Qualcomm 3D Sonic Sensor. Similarly, it's possible to store an entire set of burst images or multiple lens profiles in the same container using HEIF .
Fortnite Creative Coming In Season 7
So we would assume that today's third and final poster offers yet more clues at new equipment coming to the game in Season 7. Many are speculating that season seven will be winter-themed, with most of the images featuring a winter aesthetic.
UN Security Council to meet on Iran missile test
Secretary of State Mike Pompeo said President Trump is building a new world order based on the foundation of American values. The Iran nuclear deal , although highly controversial, was considered one of the Obama administration's major legacies.
Look Out Mars, Here Comes InSight
A live webcast of the approach and landing InSight to Mars will be carried out on 26 November on the official website of NASA . If you're in New York City, the historic NASA InSight Lander landing will be broadcast on the Nasdaq screen in Times Square.
Bush’s service dog honors the late president
Bush had a form of Parkinson's disease that caused slow movements and difficulty balancing, among other symptoms. According to Sully's Instagram account , he also spent a lot of time frolicking on the beach and playing fetch.