OPEC is looking for a “sufficient” cut in oil production among its members in order to prop up plunging crude prices, Saudi Arabia's oil minister said on Thursday.

“We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Khalid al Falih told reporters ahead of an OPEC meeting in the Austrian capital.

He added that OPEC and other producers have not reached an agreement regarding oil production cuts, adding that he hopes to reach something by the end of tomorrow, Friday.

Al-Falih also said that all options are on the table, including not reaching an agreement.

He continued, saying: “If not everyone was ready to cut production then we will wait, and the options include reducing production with 500,000 to 1.5 million barrels per day. Cutting production by a million barrels per day will be sufficient for OPEC-plus.”

Last Update: Wednesday, 20 May 2020 KSA 09:51 - GMT 06:51