Saudi Arabia, the world's top oil exporter, has given its full backing for OPEC to make a record supply cut.
Ali al-Naimi, the country's oil minister, said he also expected those outside OPEC to cut up to 600,000 barrels per day (bpd) in line with the 12-member exporter group's decision on Wednesday.
An overall reduction of 2.6 million bpd would remove about 3% of the world's daily output. 'We know that supply is still somewhat in excess of demand, inventories are also higher than normal,' Naimi told reporters.
The Organisation of Petroleum Exporting Countries' restraints of two million bpd already in place have failed to counteract a recession that has hit global demand and knocked more than $100 off prices since July.
This evening, US crude stood at $44.46 a barrel, down five cents from Monday's close, while London Brent was 43 cents higher at $45.03.
Naimi's colleagues from Venezuela and Iran had already made clear their preference for a substantial cut. Saudi Arabia, OPEC's most influential member, has already taken steps to remove excess oil and push prices back towards the $75 level Saudi King Abdullah has identified as 'fair'.
A slump in consumption has lifted oil inventories in OECD industrialised nations to the equivalent of nearly 57 days of forward demand, a measure OPEC closely monitors. The industry norm for this time of year is about 52.
Russia, the biggest non-OPEC exporter, was sending its energy minister and its deputy prime minister to the Oran meeting.
