The deal faces potential setbacks from Iraq's call for it to be exempt and from countries
Similar to Russia, low oil price impacts budget of all Opec countries
The goal is to cut production to a range of 32.50-33.0 million barrels per day
Russian officials emphasise the nation's ability to keep increasing record output to even loftier heights
Oil retreats after Opec reports output at 8-year high
OPEC declined to cut output 2 years ago after oil breached $100 a barrel, instead letting the biggest oil market collapse in a generation happen as the price plunged
OPEC's oil output is likely to reach 33.60 million bpd in September from a revised 33.53 million bpd in August
New Delhi must anticipate effects of higher oil prices
Even if the countries follow the discipline of cutting production, oil market has expanded well beyond OPEC's control
Analysts believed a cut in OPEC production would have little effect if non-OPEC output continued to surge
Saudi Energy Minister Khalid al-Falih said on Tuesday Iran, Nigeria and Libya would be allowed to produce at maximum levels that make sense
Oil prices have more than halved from 2014 levels due to oversupply, prompting OPEC producers and rival Russia to seek a market rebalancing
OPEC last reduced supply in 2008 when the global economic crisis crippled demand
Saudi Arabia said it would be willing to reduce its output if Iran were to cap production at the current level of about 3.6 million
First source did not say by how much Riyadh would cut if Iran agreed to freeze at 3.6 million bpd
Russia, Iran and other major oil producers are due to take part in the Algiers meeting
Demand for crude from the Opec will average 32.48 million barrels per day in 2017
As the crisis-stricken South American nation seeks to prop up weak oil markets
However, the exact quota given by OPEC to Venezuela or the increase in oil production was not disclosed
The last full quarter when Opec pumped less than demand for its crude was in 2013, according to past Opec reports