Momentum seems to be growing among major oil producers to reduce output in an effort to end a slump in prices.
Saudi Arabia's energy minister said Sunday that the kingdom will reduce exports by about 500,000 barrels a day from November to December. Khalid al-Falih made the comment at a meeting of oil producers in Abu Dhabi.
Russian oil minister Alexander Novak says his country is open to cuts if they're approved by a coalition of producers including OPEC.
A decision could be made when OPEC meets next month.
Saudi Arabia and Russia are the world's biggest exporters, although the United States is a bigger producer.
Concern about oversupply has pushed oil prices down by roughly 20 percent since early October, although prices are up from a year ago.
