Saudi Arabia's minister of energy told CNBC that he was relatively optimistic that OPEC could agree a deal to curtail oil production at a crucial meeting on Wednesday even though his Iranian counterpart was quick to stress that a deal has not been reached just yet.
Member countries of the oil-producing cartel are meeting in Vienna, Austria, Wednesday to discuss terms of a potential deal to cut oil production in an effort to prop up prices that have fallen by more than half since 2014 due to global oversupply. OPEC is hoping to secure a cut in its oil production from 33.8 million barrels a day (b/d) to between 32.5 million b/d and 33 million b/d.
"I hope that we will have a deal but we will not know until the end of the month," Khalid Al Falih, Saudi Arabian minister of energy, told CNBC ahead of the OPEC meeting on Wednesday.
"We're hoping for 600,000 (barrels per day to be cut) from non-OPEC (countries) so that is going to be a substantial volume that will bring health back into the market," he added.