Opec Gulf members reach "consensus" Saudi Arabia - the leader of Opec and its largest producer - said it had "reached a consensus" with fellow Gulf producers ahead of the meeting of the cartel's ministers on Thursday. But it was still unclear whether that meant support for a production cut or compliance with Opec's current output targets. Oil minister Ali al-Naimi told reporters that the Gulf Co-operation Council, which includes Saudi Arabia, Qatar, Kuwait and the United Arab Emirates, had come to an agreement. He added: "We are very confident that Opec will have a unified position," he was quoted as saying by Reuters. Earlier in the day Mr Naimi had said he expected the oil market "to stabilise itself eventually," remarks that weighed on the oil price as market observers took this to mean the Gulf nation would not push for a big change in production targets at the Vienna meeting. Others had cautioned against reading too much into these comments as last-minute talks carried on throughout the evening. Analysts said Mr Naimi's latest remarks could be read in a number of ways. In the days leading up to an Opec gathering that is set to be the most widely followed since the 2008 financial crisis, opinion was divided on whether the 12 members of the oil cartel would come to an agreement on how to respond to the recent oil price plunge. Speaking after a meeting with Saudi Arabia, Iranian oil minister Bijan Zangeneh said, "We had an excellent meeting with Mr Naimi," and made remarks about "unity within Opec," which could mean that an agreement may be reached. He added: "We should monitor the market carefully and ... react at a convenient time." The uncertainty over an Opec agreement weighed on crude prices, with ICE January Brent falling as much as $1.03 to $77.30 a barrel before trading at $77.56. In an interview with the Financial Times, the oil minister of the UAE, Suhail Al Mazrouei, said the US should recognise its role in creating the oversupply in the market that has led to a 30 per cent drop in oil prices since mid-June. The US has an effective ban on crude oil exports but has been a leading importer of oil from the Middle East and Africa, and booming shale production has meant less demand for some Opec and non-Opec oil. West African producers, which produce lighter oil, have been hit especially hard. Let's remember Opec is not alone in production. US [shale] started as a humble producer and is now a major contributor to global supply," said Mr Al Mazrouei. For the newcomers they need to work with the fundamentals of the game. Oversupply in the market is going to hurt them and everyone in the market," he added. Emphasising the importance of this week's meeting, Mr Al Mazrouei cautioned against overreaction. I don't think we should panic. There is nothing that should cause us to panic. Yes, there is an oversupply, but that oversupply is not an Opec problem. The market will fix it. The comments from the UAE oil minister are important because the country is one of the Gulf producing countries alongside Saudi Arabia, Kuwait and Qatar. The UAE produces about 2.7m barrels of oil a day, making it the fifth biggest Opec producer, according to Energy Aspects, a consultancy. Mr Al Mazrouei refused to say whether Opec would cut production on Thursday but said the meeting would be "a test" to gauge whether a consensus could be reached. Following a meeting between the ministers of Saudi Arabia, Venezuela, Russia and Mexico, Mr Al Mazrouei said: "Hopefully, we will have contribution from others [outside of Opec] to balance the market."