Sina US Stock News on October 29. According to Nigeria's oil minister Timipre Sylva, Saudi Energy Minister Abdul Aziz said Saudi Arabia is preparing to further reduce oil production, which is more than the production cuts previously agreed with other oil producers around the world.

“He assured me that Saudi Arabia is ready to cut production further,” Sylva said in an interview with Bloomberg TV in Riyadh.

When he and Abdul Aziz spoke on Monday, they did not discuss new production levels.

OPEC and its allies plan to meet in December to discuss whether it is necessary to increase production cuts to support oil prices in the face of excess oil and signs of weak demand.