The Organisation of the Petroleum Exporting Countries (OPEC) has been looking to scale back on oil production, as expressed by delegates at its fifth ministerial meeting in Vienna on Thursday.
"We hope that we come to an agreement where all producers will contribute with an equal cut across the board," said Saudi representative Khalid Al-Falih who had discussed the issue with Russian Energy Minister Alexander Novak on Wednesday.
Iran on the other hand rejected any oil production cutbacks stating that it would be Tehran’s "redline".
Among delegates was Qatar Minister of Energy Saad Sherida Al-Kaabi whose country is leaving the bloc after 60 years.
Al-Kaabi justified the departure saying, "We need to focus on gas and oil is only a small part of our business, therefore we decided to leave."
The OPEC and non-OPEC ministerial meeting in Vienna is set to debate on new supply cuts, following a recent drop in oil prices and in light of Qatar's announcement that it is leaving the OPEC.