"Majority of OPEC for the decline in oil production" Financial

The minister made his statements in Abu Dhabi where this weekend is holding an informal summit on the oil cartel, the OPEC. Representatives of the leading member of OPEC, Saudi Arabia, are present, as well as representatives of Russia. The Reuters news agency reported on the basis of sources that countries were discussing a proposal to cut production by one million barrels a day.

"We need a consensus," said the Omani minister. He stressed that Russia, which is not a member of OPEC, must accept every decision. Oman is also not a member of OPEC, but the country is regularly present at important cartel meetings.

Oil prices have fallen sharply since the beginning of October, their highest level having been reached in four years. This is partly due to permission that eight countries received from the United States to continue buying oil from Iran after US sanctions against the country. Reports of record production in the United States and the possibility that OPEC will be able to reduce production next year have also put pressure on prices as the market is always surplus.