OPEC waiting for Russian Federation before deciding how much oil to cut

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The Organisation of the Petroleum Exporting Countries (Opec) has made a planned cut in oil production effectively conditional on the contribution from non-Opec producer Russian Federation, delegates said on Thursday as the group gathered in Vienna for a meeting aimed at supporting battered oil prices.

Iran is now subject to USA sanctions and as such won't participate in any curbs, the country's OPEC governor Hossein Kazempour Ardebili said this week.

The 15-member organization of oil producing countries is meeting in Vienna and will then hold talks with allied non-OPEC partners on Friday. The United States is not part of any output-limiting initiative due to its anti-trust legislation and fragmented oil industry.

Also on rt.com OPEC's worst nightmare? The cuts would take September or October 2018 as baseline figures and last from January to June.

Despite the Iranian official's remarks, Kuwait's oil ministry said on its Twitter account on Wednesday that a long-term cooperation agreement is expected to be signed between OPEC and non-OPEC countries.

International Brent crude oil futures were at $61.37 per barrel at 0240 GMT, down 71 cents, or 1.1 percent from their last close.

Saudi Arabia has indicated it wants the Organization of the Petroleum Exporting Countries and its allies to cut output by at least 1.3 million barrels per day, or 1.3 percent of global production.

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Russia's TASS news agency quoted an OPEC source as saying OPEC and its allies were discussing the idea of cutting output next year by reverting to production quotas agreed in 2016. If Russia contributed around 250,000 bpd, the overall cut could exceed 1.3 million bpd.

During Thursday's meeting, OPEC leaders are expected to discuss how to stabilize crude oil production after US prices plunged by 22-percent in November - making it the worst month since the financial crisis in 2008. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year.

Trump, who has made the USA economy one of his top issues, has frequently complained about OPEC this year, as higher crude oil prices have in turn raised fuel prices for consumers and businesses.

The US president tweeted on Wednesday: "Hopefully OPEC will be keeping oil flows as is, not restricted". The reason the United States is pressuring OPEC in general to maintain high levels of production is the United States generally would like a lower price of oil.

Ross explained that "Trump is anxious about the Fed and inflation".

Riyadh under pressure from Trump not to reduce output, Moscow resists deep cuts.

The Nopec legislation which is being discussed by United States lawmakers could make it possible to sue Saudi Arabia and other OPEC members for price fixing.

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