Ahead of the meeting, analysts had widely expected a 400,000 barrel production cut.
Helima Croft, RBC head of global commodities strategy, said to CNBC on Thursday that it was her understanding that a larger cut has the support of the OPEC core operating group, as well as its partner Russia ahead of the meeting.
24-country OPEC+ has cut output by 1.2 million barrels per day since the beginning of the year, and the current deal runs through March of 2020. Production cuts were first implemented in January of 2017 in an attempt to bolster prices as the U.S. kicked up its shale oil production, among other things.CNBC reported
that one senior Saudi oil official denied pursuing a deeper round of production cuts. On Monday Reuters had previously reported that Saudi Arabia could be in favor of deeper cuts in order to give Aramco a boost as it hit the public market. Also in focus will be individual country's production output. Again Capital's John Kilduff said that he believes Saudi Arabia is "open" to a cut, but that the most important thing to the nation is that country's comply with the quotas that are currently in place.
This is the first meeting with the new Saudi energy minister, Prince Abdul Aziz bin Salman, who is the son of the King and half-brother to Crown Prince Mohammed bin Salman.
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