Reuters reported that the ministers are considering rolling back about half the production curbs or 1 million barrels a day. Brent crude has been flirting with the kingdom's desired price of about $80 a barrel for most of this month, and the proposal to boost supplies suggests it doesn't want to see it go much higher. There is a 0.4% decrease in West Texas Intermediate (WTI) crude futures.
During the said week, Organization of Petroleum Exporting Countries (OPEC)'s basket price stood at $75.61 per barrel with $2.15 increase compared to the preceding week.
OPEC began a discussion about easing production cuts following a critical Tweet from President Trump, OPEC's Secretary-General Mohammad Barkindo said.
During a panel discussion hosted by CNNMoney, Khalid Al-Falih said discussions are ongoing with cartel members and Russian Federation to balance the market and reduce prices, which had climbed to about $80/bbl in recent weeks.
But recently, largely as a result of US moves to impose sanctions on major producers Iran and Venezuela, prices have soared back to levels not seen since 2014, rising as high as $80.50 a barrel in London trading earlier this month.
But McNally and other analysts cautioned that the sharp drop in crude oil prices Friday could be short-lived and that the November midterm election was still far away.
"The day of reckoning was finally upon them - they've more than done their job in rebalancing the market", said Ed Morse, global head of commodities research at Citigroup.
Speaking in St. Petersburg, Saudi Energy Minister Khalid al-Falih said any easing of restrictions on pumping levels would be gradual to avoid a shock to the market.
The drop erased a three-week rally that was based in large part on geopolitical worries about unrest in Venezuela and USA calls to curtail purchases of Iranian oil.
Russia's fears are not unfounded because America, for example, has increased production by over 25% to 10.7 million BPD.
OPEC and its partners are to meet formally in June, but the Saudis and Russians will hold at least two more meetings before that. Despite that, retail prices for gasoline in the US are at their highest since 2014, at about $3 a gallon.
"The talks now are to bring compliance down to 100 percent level, more for OPEC rather than for non-OPEC", one source said.
Some oil market participants have expressed concerns about potential oil shortages amid a production decline in Venezuela and after US President Donald Trump announced plans to pull the United States out of a nuclear deal with Iran.