The meeting of ministers of OPEC and non-OPEC states is attended by over 20 countries which produce more than half of the world's oil, Venezuela's Oil Minister EulogiodelPino told journalists.
"25 OPEC and non-OPEC countries attend the meeting, representing half of the world's oil production," he said.
According to Iranian Oil Minister BijanNamdarZanganeh, all countries that participate in the meeting with OPEC have confirmed readiness to support the cartel:
"Everything is going very well. We have received approval from major non-OPEC producers. This is a historic time for OPEC - this level of cooperation, contribution of OPEC and non-OPEC countries, especially Russia," he said.
OPEC's Secretary General Mohammad Barkindo had said earlier he expected non-OPEC countries would agree to output cuts of 600,000 barrels a day.
"For OPEC and non-OPEC we expect 600,000 or even more," he told reporters on Saturday.
The official also said he expected the cartel and non-cartel countries would sign a "historic" declaration after the main meeting.
The secretary general said he expected eleven non-residents, besides Russia, would join the agreement.
Source: Philippines News Agency