Kuwaiti Energy Minister said on Monday night the Organization of Petroleum Exporting Countries ( OPEC) is considering cutting daily oil production as much as one million barrels.

According to a Kuwait News Agency (KUNA) report, the Minister, Sheikh Ali al-Jarrah al-Bah said at a Ramadan dinner that OPEC would possibly cut down crude oil production by 700,000 to one million barrels daily.

He disclosed that consultations concerning reduction among the cartel members have been underway, yet "until now there is no agreement reached."

The 11-member OPEC has maintained an daily output quota of 28 million barrels crude oil since 2005.

Source: Xinhua