Saudi Arabia, Gulf OPEC ready to cut oil output by 4 percent - sources

Saudi Arabia and its Gulf OPEC allies are willing to cut 4 percent from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart this week, sources familiar with the matter told Reuters. The 4 percent offer is likely to be made at a meeting of OPEC experts and officials from other oil producers such as Russia on Oct. 28-29 in Vienna, to nail down the details of last month's OPEC production-cap agreement in Algeria. Iraq, OPEC's No. 2 producer, said this week