Russia Will Curb Oil Production

"We don't want to give the market the wrong signal and shock the market's prices", he said.

It has been nearly a decade ago when the Organisation of Petroleum Exporting Countries (OPEC) found itself in a position to influence the global price of crude oil.

Major non-OPEC rival Russian Federation said it believes a cut would be a positive for the market, but has not indicated whether or not it would limit its own production, which is close to record highs above 11 million barrels per day.

OPEC's current output is a record 33.6 million bpd. Saudi Arabia is prepared to deal with any oil price and there's "absolutely no reason to panic" over the country's balance sheet, Al-Falih said.

Falih reiterated comments earlier in the year that an increase in oil prices to $60/b was "not unthinkable", while insisting that prices were not the over-riding consideration.

The energy ministers of Russian Federation and Saudi Arabia, which together produce more than a fifth of the world's crude, said at the G20 summit in China last month that they could limit output while establishing a "working group" to explore other ways to reduce volatility in markets.

The surprise agreement sent front-month Brent prices climbing by $5-6 per barrel as hedge funds scrambled to close out losing short positions and add longs to capitalise on the rally's momentum.

"Russia is ready to join the joint measures to cap production and is calling for other oil exporters to join".

OPEC at the late September meeting said it would look toward a production target ranging between 32.5 and 33.0 million barrels per day in order to narrow the gap between supply and demand with the aim of pulling crude oil prices higher.

US West Texas Intermediate (WTI) futures were down 44 cents or 0.88 per cent, at $49.37 a barrel.

Global benchmark Brent crude futures were down 23c at $51.70 a barrel at 8.48am GMT, more than 2% lower than the four-month high reached on Friday.

The meeting is now a key focus for the global oil market as traders try to anticipate the outcome of the next OPEC meeting.

3- If OPEC's oil deal is sealed, and the cartel cut its oil production as stated, the next oil prices fall will be caused by the return of shale oil producers. Analysts had expected a rise of 1.2 million barrels in crude stockpiles.

Falih said Saudi would be prepared to deal with whatever price may emerge.

"Everyone will be very busy until the end of November", said another OPEC source. Opec members will meet this week for talks on implementing the deal and will decide on quotas at the group's official meeting in Vienna on Nov 30.

Meanwhile, plans to curb oil output are one of the crucial topics being discussed on the sidelines of the ongoing 23rd World Energy Congress in Istanbul, while the meeting has a character of bilateral gatherings rather than one single meeting of both OPEC and non-OPEC states.

Venezuelan President Nicolas Maduro also hoped for "fairer and more realistic" global oil prices, adding that Venezuela was ready to be part of any alliance among oil producer countries.

OPEC reached a tentative agreement late last month.

Al-Falih made the remarks during the 23rd World Energy Congress which kicked off in Turkey's Istanbul city Oct.9.