Saudi Energy Minister Khalid al-Falih said a cut in production from the Opec+ group of 1 million barrels per day would be “adequate” as Opec leaders prepare to meet in Vienna on Thursday.

Al-Falih said Saudi Arabia will be pushing for a deal on output cuts between Opec members and other key producers, such as Russia, that “will bring supply and demand in balance”, and said Saudi crude exports will slip below 8 million barrels per day this month.

“All options are on the table,” Al-Falih told reporters in Vienna on Thursday morning as leaders in the group prepared for an afternoon meeting to discuss output cuts to help buoy oil prices.

Asked what level of cuts overall he expected to be agreed, Al-Falih said: “I’ve heard everything from 500,000 to 1.5 million (barrels per day).”

When a figure of 1 million bpd was suggested, the Saudi minister replied: “I think 1 million would be adequate. Because there are declines happening involuntarily so that needs to be considered.”

Also up for consideration is the duration of any agreed cut, with a six-month period mentioned. However, Al-Falih said: “I think we need longer, I think … given that our next meeting will be in June if we decide to cut. I think ideally it will be into the third quarter… we will decide what to do for the remainder of the year.”

Al-Falih said his preference would be for the cut to be evenly split between producer countries that would take part, and when asked if exceptions would be made for Opec member nations Venezuela and Iran, he added: “We will talk to them and see. But ideally everyone should join equally we will wait until they are.

“My strong preference is not (to have exceptions) but we will listen and we will work on getting a consensus.”

Although the Opec meeting is expected to result in a deal to cut output, there is the possibility the members and other key producers outside of the cartel – which will meet with Opec on Friday - will not agree on curtailment.

“We are very pragmatic and we are very strategic, we are not dogmatic for the sake of being dogmatic but at the same time I think we have principles that we want to make sure that they are not just fair to the kingdom but fair to all 24 countries,” Al-Falih said.

Asked on the likelihood of Russia cutting, the Saudi minister responded: “I think in principle as I mentioned before has already made it public through the president that its willing to cut, I think the question is how much and when and how it will be distributed.

“(Russia) has some internal issues that it needs to work out and we will hear from them tomorrow. They are still considering a number of options.”

As for Saudi Arabia itself, Al-Falih said November exports were around 8.3 million bpd, but will be below 8 million bpd in December. January export levels depend on the possible deal to be agreed this week.

November production was 11.1 million bpd, with supply of 11.3 million bpd.

Al-Falih also confirmed that he met with the US Special Representative for Iran, Brian Hook, on Wednesday. Asked what that pair discussed, he said: “A lot of things. In general, it was a long energy markets and admin plans vis-a-vis sanctions and how they plan to go forward, so I heard his views and take them into consideration.”