Ministers from the powerful OPEC group of oil producers got together again on Friday, a day after failing in a marathon meeting to agree on a fresh output reduction deal they hope would stem prices which have been under pressure from abundant reserves and weak global economic growth.
Friday's so-called OPEC+ meeting included Russia, the world's second-largest oil producer and not a member of the cartel. Saudi Oil Minister Prince Abdulaziz
Ben Salman, who is attending his first meeting in the post, admitted that Thursday's six-hour meeting had seen delegations "labouring... Until 11 o'clock in the evening, squashing their heads, squeezing their brains" in search of an agreement.
However, ministers seemed hopeful about the prospects of an eventual deal on an overall output level and each member's share.
Arriving at Friday's meeting, the chairman of Libya's National Oil Corporation Mustafa Sanallah said of the negotiations that there was "no problem at all, just discussions".
OPEC countries have been mulling an additional cut that would go beyond their agreement to reduce output by 1.2 million barrels per day from October 2018 levels.
That deal was originally fixed in December last year, was extended at OPEC's last meeting in July, and is due to expire in March 2020.
On Thursday, Russian Energy Minister Alexander Novak said a preliminary gathering of ministers had recommended an additional cut of 500,000 barrels per day be considered for the first quarter of 2020.
Novak added that level could be re-examined during an "extraordinary meeting" in March.
On Friday Novak said it was "extremely important in today's condition to send a very clear message to the market and to determine and show what the next step should be".
Oil prices have however not been significantly affected, because markets consider any cut "more of a housekeeping move that will narrow the gap between (producers') current target and the overcompliance we have seen from the alliance," Oanda analyst Edward Moya told AFP.
Prince Abdulaziz used the opening of the meeting to hint at Saudi irritation that not all countries have been sticking to the production quotas agreed under the current deal.
While Saudi Arabia has voluntarily pumped below its quota other producers — including Russia, Iraq and Nigeria — have been exceeding theirs.
