Saudi Arabia, the biggest member of Opec, said that the producers had been debating cuts of about a million barrels per day but warned last night that it was "not confident" a deal would be agreed, amid reluctance from Russian Federation.
The oil cartel had been expected to sign off on cuts to stem a plunge in oil prices at a meeting on Thursday, but it broke up without an accord.
Opec, the Organisation of Petroleum Exporting Countries, was founded in 1960 and has 15...
The oil market extended one of its steepest declines in recent years with Brent crude plummeting past the $60 a barrel mark after the influential oil cartel Opec met in Vienna to decide production levels for the next six months.
However, the major players among the oil giants all have their own reasons to look to others to act.
The surge is largely down to soaring US crude oil production, which has jumped by 2.5 million bpd since early 2016 to a record 11.7 million bpd, making the United States the world's biggest oil producer.
In addition, the kingdom's diplomatic position has been weakened by the furore over the killing of journalist Jamal Khashoggi.
The thorny question of exemptions, which will also be sought by Venezuela and Libya according to the Bloomberg news agency, could be crucial for Friday's talks.
Led by Saudi Arabia, OPEC's crude oil production PRODN-TOTAL has risen by 4.1 percent since mid-2018, to 33.31 million bpd.
OPEC is seeking support from non-OPEC Russia for supply cuts.
"Overall, this shows the weak momentum in the market right now and it has clearly not been helped by what has happened over night. with the sell-off in stocks and weakness in bond yields", Saxo Bank senior manager Ole Hansen said.
Analysts still expect some form of supply reduction to be decided.
However, the USA then granted temporary waivers to eight allies to allow them to carry on importing Iranian oil, contributing to a plunge in oil prices which wiped out the gains seen since early 2017. OPEC sources said the group's de facto leader Saudi Arabia was opposed to exemptions in the deal demanded by Iran, which is under USA sanctions.