Saudi Arabia's energy minister triggered the sell-off after he said a cut of 1 million barrels per day would be enough for OPEC and other major exporters.
Saudi energy minister Khalid al-Falih, OPEC's de-facto leader, has in recent weeks travelled to Libya and Nigeria to press them on the exemptions, though no public commitments have been announced. Whether to exempt Iran from making any cuts was one sticking point in the meeting, said a delegate.
Iraqi minister Thamir Abbas Al Ghadhban said deliberations would continue on Friday.
The group could eventually agree to remove about 1 million barrels a day, about 1 percent of global output, from the market, Al Rumhy said.
Oil prices have extended losses as US President Donald Trump once again tried to dampen OPEC's efforts to tackle falling oil prices amid market expectations on further output cut.
OPEC members are meeting in Vienna to discuss ways to raise global oil prices.
The move would mean reducing production by more than 1 million bpd.
"If everybody is not willing to join and contribute equally, we will wait until they are". "I think that's the fair and equitable solution", he added.
Some energy analysts questioned whether a reduction of 1 million barrels per day is adequate to balance supply and demand in 2019, especially considering that key producers including Saudi Arabia, Russia and Iraq have been increasing output.
OPEC, along with its non-OPEC allies led by Russian Federation, earlier this year decided on increasing their respective production levels, in a bid to cap crude oil prices and bring balance to the market.
OPEC ministers reacted to Trump's intervention by telling him not to interfere.
"OPEC is an independent organization, not a part of the US Department of Energy to take orders from Washington", said Zangeneh on Wednesday.
Otherwise, he added, the U.S. official has adopted an unprofessional, naïve, and meddlesome approach.
Possibly complicating any Opec decision is the crisis around the killing of journalist Jamal Khashoggi at the Saudi consulate in Istanbul in October. Given the economic sanctions being reimposed by the US, Tehran doesn't intend to join any agreement for cutting production, the country's oil minister Bijan Namdar Zanganeh said. "It is still under discussion", one delegate said.
But OPEC and its partners, who account for more than half of the world's oil output, are planning to throttle production, which could lead to rising oil prices. A cut of 1 million barrels would be the minimum to support the market, and anything less could see the price of oil fall another $10 a barrel, according to Neil Wilson, chief market analyst at Markets.com. "How OPEC communicates this to the market may be just as important as what gets done".
The cartel along with Russian Federation had subsequently increased production, with Saudi Arabia and Russian Federation reporting record production levels.
That investigation has since expanded into Trump's business dealings about which Cohen would have critical information. In August, Cohen pleaded guilty to multiple counts of campaign finance violations, tax evasion and bank fraud.
But her spokesman declined to confirm or deny reports that Number 10 is considering a possible TV debate with Jeremy Corbyn. It would open the door to more division and more uncertainty, with all the risks that will entail", she said.
Last week the space agency announced that it has selected the location where its Mars 2020 Rover will land on the Red Planet. Onboard the vessel are a number of intricate instruments that NASA hopes will help uncover answers to Mars mysteries.
Riyad Mahrez will be used often over the busy Christmas schedule, making it tough to determine how Guardiola will rotate his men. Leicester recorded their first home win in the league since September with a comfortable 2-0 victory over Watford .
British Prime Minister Theresa May is fighting for political survival as she tries to pull her country out of the European Union. CNN has been told that the Central Intelligence Agency concluded that the Crown Prince personally ordered the killing.
The Egyptian presidency said the prince is due to arrive in Cairo later Monday for talks with President Abdel Fattah al-Sisi. Bin Salman, who is also Saudi Arabia's defense minister, is known as the architect of the Yemen war .
His remarks renewed fears that the Fed may miscalculate and raise rates so high or so fast as to depress growth. The White House has now backpedaled, acknowledging there was no deal in place to roll back automotive tariffs.
The prime minister insists that he and his wife have done nothing wrong or illegal and that he intends to remain in office. The Israeli police have already recommended charging Netanyahu for bribery and breach of trust in Case 1000 and Case 2000.
Buzzfeed News adds : "Prosecutors said they were done working with Manafort, and asked the judge to set a date for sentencing". Of course this is all just speculation, and perhaps Manafort has other reasons for allegedly lying to investigators.
Fury-Wilder II might be the preferred choice after the unsatisfying ending to their fight Saturday night at the Staples Center. On the way down the American caught the challenger with a left and Fury seemed to be knocked down and out.
Mayfield responded to the ESPN analyst's comments on Instagram. "Good try though buddy", Mayfield wrote. Jackson spent just over two seasons as the Browns' head coach before being fired at the end of October.
The Falcons started 8-0 in his second season with the program and scored 38 or more points in each of those contests. Meyer ultimately was suspended for the Buckeyes' summer program and the first three games of the 2018 season.
After being spooked by the conflict, investors returned to buying following the long-awaited meeting between the two presidents. ANALYST'S TAKE: "Markets are reflecting a fragile truce between the US and China after an initial sigh of relief".
China calls the United States protectionist and has resisted what it views as attempts to intimidate it. The Group of 20 brings together leaders of 19 of the world's most industrialised nations plus the EU.
Even Bridenstine said that while NASA wants the companies to succeed, the space agency is certain some of the efforts will fail. NASA plans to have astronauts orbiting the moon again by 2023, with a landing a few years later.
We're just looking at a brief size comparison between phones out there in the wild right now, and an unannounced handset. And like the regular Pixel 3 , this version has also managed to end up on an unboxing video from Russian Federation .
She is an outstanding person who is strong on the Border, Crime, Military, our great Vets, Healthcare & the 2nd A [mendment]. Hyde-Smith posed in a Confederate hat for a 2014 photo captioned "Mississsippi history at its best!" Chuck Schumer, Rep.
Kante, 27, who won the World Cup with France in Russian Federation in July, said: "I'm happy to extend my time with Chelsea". In his first season at the club he helped bring the title to Stamford Bridge and was named FWA Footballer of the Year.