OPEC exporters today were set to defer action on new output curbs aimed at lifting oil prices amid growing frustration over a lack of cooperation from its main non-OPEC rival Russia.
Ministers said a reduction of up to 1.5 million barrels per day (bpd), six per cent, would probably be deferred because of the poor response from Russia and other non-aligned producers to OPEC's call for help in supporting prices.
OPEC looked likely to settle the size of a cut at that level but agree not to implement lower limits until January 1, pending a response from non-OPEC.
Iranian Oil Minister Bijan Zanganeh told reporters after a four-hour meeting there was agreement to cut - but conditional on an improved offer from the other producers that also include Mexico and Norway.
Two senior delegates said the idea was to pencil in a cut of 1.5 million bpd from January 1, if non-OPEC were to come up with 500,000 bpd.
Ministers were due to gather again at 5 p.m. (Irish time) to hammer out the details and establish clear conditions.
Oil prices, down from $27.45 since September 11, subsided another seven per cent with London Brent losing $1.41 at $19.40 a barrel, just above two-year lows.
"They're playing with fire and it looks like they're to going to get their fingers burnt," said Gary Ross of New York consultancy PIRA Energy.
Strenous efforts by Saudi Oil Minister Ali al-Naimi in the run-up to the OPEC conference aimed at drumming up non-OPEC support fell flat.
So far Russia, the world's second biggest exporter, has offered only a paltry 30,000 bpd.