VIENNA (Dispatches) - The Organization of the Petroleum Exporting Countries (OPEC) is expected to clinch a deal with non-OPEC producers to reduce oil output.
OPEC has started a meeting with producers from outside the group in Vienna on Saturday amid hopes that non-OPEC producers will commit to slash 600,000 barrels per day as part of efforts to prop up crude prices.
Non-OPEC producers including Azerbaijan, Kazakhstan, Oman, Mexico, Russia, Sudan, South Sudan, Bahrain and Malaysia were expected to take part in the meeting.
Russia, a major non-OPEC crude producer and Saudi Arabia, OPEC’s number one crude exporter have already announced that the agreement appears increasingly likely.
Meanwhile, Russia’s Energy Minister Alexander Novak said he didn’t "see such risks (of a deal failing)."
On November 30, the Organization of the Petroleum Exporting Countries clinched a deal to cut oil output to a ceiling of 32.5 million barrels a day (bpd).
The oil cartel agreed to decrease its production by 1.2 million bpd to contain crude supply glut.
OPEC exempted key member Iran from cutting output, allowing the country to increase its crude production by 90,000 bpd to reach pre-sanction output levels of 4 million bpd.
Crude prices soared more than 12 percent after OPEC announced output cut agreement.
On Friday, Brent crude for February delivery was gained 29 cents and settled at $54.18 a barrel.
Also, U.S. crude for January delivery rose 66 cents and reached $51.50 a barrel.
Crude prices have more than halved in the since 2014 after Saudi Arabia raised output sharply in an apparent effort to drive higher-cost producers such as U.S. shale firms out of the market.
OPEC establishes high-level committee for monitoring oil production

OPEC establishes a high-level committee to monitor oil production, according to the Minister of Energy of Qatar Mohammed bin Saleh al-Sada.
"The 171 extraordinary meeting of OPEC countries set up a high-level committee that was tasked with giving recommendations on implementation of the new production levels for OPEC member countries, as well as developing a framework for high-level consultations between OPEC and non-OPEC countries," he said.


He added OPEC and non-OPEC countries should create an institute on cooperation in the oil market
"We also believe it is vital to institutionalize the basis of cooperation between OPEC and non-OPEC countries to help with decision-making mechanism," he said.
Mexico is ready to cut oil production by 155,000 barrels per day, Venezuela’s Oil Minister Eulogio del Pino told journalists.
"Yes, Mexico will reduce production by 150, 000," he said, responding to a question.