Riyadh — Mubasher: The options of slashing oil output include a reduction ranges between 500,000 to 1.5 million barrels per day (bpd), Saudi Arabian energy minister said.

A cut of 1 million bpd would be ‘enough’ for the cartel and its allied oil producers, Khalid al-Falih said.

There has not been an agreement yet for curtailing oil production, he added.

The Saudi-dominated oil cartel is meeting at in Vienna in order to reach an accord over production levels for the next six months.

The oil-rich kingdom has been leading calls for the group to slash output, amid rising supply and concerns that an economic slowdown will reduce fuel demand.

We hope to reach a deal by the end of tomorrow, al-Falih told CNBC Arabia, adding “all options are on the table, including no-deal option.”

Oil prices dipped earlier on Thursday as stock markets plunged, but trading was tepid in the run-up to a meeting by OPEC and non-0PEC members.

By 11:49 pm GMT, US Nymex crude futures fell 2.72% to $51.69 per barrel (pb), while international benchmark Brent futures dropped 01.92% to $60.38 pb.