Oil ministers of the Organization of Petroleum Exporting Countries (OPEC) held a preparatory meeting Tuesday ahead of an extraordinary meeting in western Algerian city of Oran, but no decision has been reached onthe exact volume of oil output cut.
"We still have not fixed the level of output reduction so far," OPEC President Chakib Khelil told reporters in Oran.
The proposed reduction level ranges from 1 to 2.5 million barrels per day, Khelil added.
Meanwhile, Libyan Oil Minister Shukri Ghanem said that OPEC will announce "a substantial cut" on the cartel's 151st ministerial meeting which will open on Wednesday.
Saudi Oil Minister Ali al-Nuaimi revealed that there will be a cut of about two million barrels a day.
As the world economic crisis hits industrial output and consumer spending around the globe, world oil prices have tumbled from July's all-time high above 147 dollars a barrel to present mid-40 dollar rate. OPEC is ready to stage a new round of aggressive oil output cut at its upcoming extraordinary ministerial meeting, in a bid to buttress the declining oil prices.