The oil ministers of Saudi Arabia and the UAE indicated that their countries were willing to consider an extension of the production-cut agreement between OPEC and major, non-OPEC oil producers, Reuters reports.
The decision will depend upon market fundamentals, according to a statement released by the Saudi ministry.
The Saudi minister, Khalid El Falih, also met with his Venezuelan and Kazakh counterparts, Bloomberg reports. Both Kazakhstan and Venezuela also expressed a willingness to consider an extension to the agreement.
Under the production-cut agreement, the signatories committed to a joint production cut of 1.8 million barrels per day (b/d).
The Kuwaiti oil minister previously stated that OPEC would reconsider its strategy when it meets in November, Reuters reported last month.