OPEC members are meeting to agree on their response to recent declines in oil prices.
The selling started after Saudi Energy Minister Khalid al-Falih told reporters Thursday morning that a cut of 1 million barrels would be sufficient.
"(OPEC) know how to handle markets.
To raise prices, OPEC members, who account for more than half of the world's oil output, will spend the next two days evaluating whether to renew their cooperation with Russian Federation and other non-cartel producers, or simply slash production further.
Oil prices have extended losses as US President Donald Trump once again tried to dampen OPEC's efforts to tackle falling oil prices amid market expectations on further output cut.
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While ministers met in OPEC's Vienna headquarters, Trump tweeted that the "world does not want to see, or need, higher oil prices!"
That would be a more bullish outcome than Al-Falih had hinted at early in the day, when he said a reduction of about 1 million barrels a day from the entire OPEC+ coalition should be adequate and "certainly we don't want to shock the market".
According to Ardabili, "the five or six countries which have benefited from the situation should slash their output by 1.4 million to 1.8 million barrels per day at the minimum in order to return prices to an upward trajectory".
US crude oil stockpiles fell last week due to a surge in exports, as the country became a net exporter of crude oil and products for the first time, underscoring the nation's growing prowess as a global supplier of oil and refined products.
OPEC, along with its non-OPEC allies led by Russian Federation, earlier this year decided on increasing their respective production levels, in a bid to cap crude oil prices and bring balance to the market.
S&P Global Platts reports that Nigeria and Libya would be asked to accept a production cut quota if OPEC can reach a new supply accord at the meeting holding in Vienna on Thursday.
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UAE Energy Minister Suhail Al Mazrouei said he was anxious about inventory build-up next year amid plenty of supply in the market.
"If everybody is not willing to join and contribute equally, we will wait until they are", he said.
Saudi Arabia has indicated it wants OPEC and its allies to curb output by at least 1.3 million barrels per day, or 1.3 percent of global production, news agency Reuters reported from Vienna.
On paper, the shift to net oil imports means that the United States is today energy independent, achieving a rhetorical aspiration for generations of American politicians, from Jimmy Carter to George W. Bush.
Saudi Arabia, OPEC's de facto leader, has made clear that it won't shoulder the burden of trimming production alone. While it said it was purely a practical decision because it mainly produces natural gas and little oil, the move was viewed as a symbolic snub to the Saudi-dominated organization.
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