OPEC, non-OPEC producers meet on Saturday to share

OPEC and non-OPEC producers will meet on Saturday in Vienna to determine quotas that non-OPEC producers will commit in support of the group's last month agreement to cut 1.2 million bpd in a bid to stabilise the world oil market.

Russia has pledged to trim output by 300,000 barrels a day, and OPEC members will discuss additional reductions with other suppliers. The group decided to pump less oil for six months starting Jan. 1 to try to support prices, which fell by about half from their 2014 peak.

Representatives from the Organisation of the Petroleum Exporting Countries (OPEC) will meet their counterparts from Russia, Colombia, Congo, Egypt, Kazakhstan, Mexico, Oman and Trinidad and Tobago for talks about their contributions to OPEC's planned oil output cut to balance the market.

Analysts and observers hope Russia would announce further cut than its previous promise of 300,000 bpd out of Moscow's desire to stabilise world oil markets and bring prices back to levels acceptable to both producers and consumers alike.

They also said OPEC's plan to rebalance the oil market will only work if Russia and other countries outside the group follow through on their commitments to rein in production.