Vienna - OPEC countries were gathered Thursday to find a way to support the falling price of oil, with analysts predicting the cartel and some key allies, like Russia, would agree to cut production by at least 1 million barrels per day.
Crude prices have been falling since October because major producers — including the U.S. — are pumping oil at high rates and due to fears that weaker economic growth could dampen energy demand.
The price of both benchmark U.S. crude and the standard for internationally traded oil fell 22 percent in November.
The oil minister of Saudi Arabia, the heavyweight within OPEC, said Thursday that the country was in favor of a cut.
“I think a million (barrels a day) will be adequate personally,” Khalid Al-Falih said upon arriving to the meeting in Vienna.
That, he said, would include production for both OPEC countries as well as non-OPEC countries, like Russia, which have in recent years been coordinating their production limits with the cartel.