Saudi Arabia's minister of foreign affairs said on Sept. 1 that it would be reasonable for the kingdom to go along with other producers in changes to oil production.
Adel al-Jubeir, speaking at an event in Tokyo, said OPEC and non-OPEC oil producers were increasingly moving towards a "common position."
"I think there is a move toward a common position, toward a common effort," he said. "If other producers were to agree it is reasonable to accept Saudi Arabia to go along with it."
Members of OPEC are due to meet informally in Algeria on the sidelines of the International Energy Forum (IEF) on Sept. 26-28, and are expected to seek to revive a global output freeze deal.
Russia is also expected to attend the IEF.
"If you want to have an impact then all of us have to shoulder the responsibility, and I believe over the past five or six months, I believe that there has been an increasing realization that this is a collective effort," Al-Jubeir said.
Iraqi Prime Minister Haider al-Abadi said this week that OPEC's second-largest producer after Saudi Arabia would support a decision to freeze oil output to prop up prices, although the country's oil minister has said it wants to continue to ramp up production.
Iran was also sending positive signals that it could support joint action to support the oil market, sources in OPEC and the oil industry told Reuters last month.
Tehran refused to join a previous attempt this year by OPEC plus non-members such as Russia to stabilize production, and talks collapsed in April.
Recommended Reading
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.
Equinor Receives Significant Discovery License from C-NLOPB
2024-02-02 - C-NLOPB estimates recoverable reserves from Equinor’s Cambriol discovery at 340 MMbbl.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.
Sinopec Brings West Sichuan Gas Field Onstream
2024-03-14 - The 100 Bcm sour gas onshore field, West Sichuan Gas Field, is expected to produce 2 Bcm per year.