OPEC last reduced supply in 2008 when the global economic crisis crippled demand
Saudi Arabia said it would be willing to reduce its output if Iran were to cap production at the current level of about 3.6 million
First source did not say by how much Riyadh would cut if Iran agreed to freeze at 3.6 million bpd
Russia, Iran and other major oil producers are due to take part in the Algiers meeting
Demand for crude from the Opec will average 32.48 million barrels per day in 2017
As the crisis-stricken South American nation seeks to prop up weak oil markets
However, the exact quota given by OPEC to Venezuela or the increase in oil production was not disclosed
The last full quarter when Opec pumped less than demand for its crude was in 2013, according to past Opec reports
Opec's biggest quota threat is Iraq, not Iran
Iran insists on raising production steeply, shoots down hope of output agreement
This target was in any case widely flouted, with total production by the 13-nation group around 32 million bpd
Many brokerage houses, including Barclays and Energy Aspects, say crude oil prices are likely to rise to around $60 per barrel by FY17-end
Non-OPEC output is falling sharply, prices last week briefly rose above $50 for first time in 6 months
Not many analysts expect that a production cut will be announced in the meeting
Brent was trading at $49.77, while US WTI crude was seen at $48.92 a barrel
Saudi, along with allies, is set to push for ceiling on output in the crucial meeting today
Some of the world's biggest oil traders said accelerating demand is also helping to rebalance the market
The group meets on Thursday to revive the idea of coordinated oil-output action by major producers
The 13 nations of the Opec pumped 32.44 million barrels a day in April, slightly less than will be required in the the third quarter
The group pumped 32.44 million barrels per day (bpd) in April, highest since at least 2008