"The longer the horizon, the stronger the certainty to the market", OPEC Secretary-General Mohammad Barkindo said on Sunday in the Austrian capital after meeting with Saudi Arabian Minister of Energy and Industry Khalid al-Falih.
Asked about a deeper cut, he said: "I don't think the market needs that".
The Organization of the Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, meet on Monday and Tuesday to discuss supply cuts.
Oil prices surged upwards in anticipation of an extension of production cuts by Opec+, as the alliance led by Saudi Arabia and Russian Federation is known. Brent crude futures were increased by more than 2.2 percent to $66.22 per barrel.
"Iran is pushing back on this notion that OPEC is now being governed by a small minority of its members", said Allen.
The current deal to support prices reduced production by 1.2 million barrels per day starting from January 1 for six months.
Article image Whaling ships set sail as Japan resumes commercial hunts
Japanese Prime Minister, Shinzo Abe said: "At the G20 summit talks, we don't want to highlight our differences in our opinions". Whale meat was a key source of protein in the immediate post-World War II years in Japan, when the country was desperately poor.
The reduction contributed to oil prices soaring by nearly one-third in the first quarter of 2019, boosting revenues for Opec and non-Opec members alike. "It has lost its authority and it's on the verge of collapse", Zanganeh said.
Opec will seek the backing of an alliance of large oil producers from outside the cartel, led by Russian Federation, at a separate meeting of the Opec+ group in the Austrian capital on Tuesday. "Iran is not going to leave OPEC but I believe OPEC is going to die with these processes".
"Everyone supported the proposition to extend for nine months the limits agreed in December", Novak said after a gathering of oil ministers and before the cartel's main meeting later Monday.
Russia, the second biggest oil producer followed by number three Saudi Arabia, decided three years ago to hook up with OPEC to counter slumping oil prices.
Tensions between the USA and Iran and attacks on tankers near the Strait of Hormuz have pushed up oil prices in recent days.
The only potential spectacle in Vienna was going to be if Iran resisted the process, if only to protest the brutal sanctions regime from Washington and what Tehran sees as Saudi complicity. The group has been reducing oil output since 2017 to prevent prices from sliding amid a weakening global economy and soaring US production. The cartel and its allies are also anxious about softening demand growth. The global economy appears to be slowing, and demand has been lackluster, but the expected seasonal pickup may offset some of that softness.
He said he did not foresee the institutionalisation of the co-operation between Opec and non-Opec members at the forthcoming meeting as it was "not the time".