All OPEC members are moving to rein in overproduction and are set to make further cuts soon to prevent a price decline in the second quarter of 2003, according to a Gulf source.
"The movement towards reduction has already started by OPEC countries, including Saudi Arabia," the source said, adding that cartel members were in contact now about curbing oversupply.
"This reduction is likely to intensify in the coming weeks especially in light of a possible warm winter and the resulting lower-than-anticipated winter demand," he said.
The Gulf source declined to specify how much volume the OPEC members were striving to wipe off the market.
A Reuters survey estimated that the 10 OPEC members bound by quotas pumped more than three million barrels per day (bpd) above the group's official 21.7 million bpd ceiling in October.
The Gulf source said the 11-member exporters' group had raised supplies when prices strayed briefly in September beyond the top end of OPEC's $22-$28 band to ease consumers' concern over possible shortages during the winter.