By Shadia Nasralla, Olesya Astakhova and BozorgmehrSharafedin

Dec 6 (Reuters) - Major oil producers Saudi Arabia andRussia will seek approval for deeper output cuts from OPEC andallies on Friday in an attempt to support prices and avoid a newoil glut.

The group combining over 20 producers is considering anextra 500,000 barrels per day (bpd) in cuts for the firstquarter of 2020 to take the total to 1.7 million bpd, or 1.7% ofglobal demand, Russian energy minister Alexander Novak said onThursday.

OPEC and allied producers, the so-called OPEC+, pump morethan 40% of the world's oil. OPEC+ will meet on Friday with thefocus on how the additional cuts are distributed.

"The statement following the meeting on both productiontargets and their duration will be critical for pricediscovery," said analysts from Jefferies.

OPEC watchers had expected the OPEC+ group to extend cuts atleast until June 2020 but non-OPEC Russia objected to the move.

The cuts are aimed at supporting crude oil prices andguarding against oversupply, though non-participants led by theUnited States continue to raise production.

OPEC is likely to shoulder 340,000 bpd in fresh cuts andnon-OPEC producers an extra 160,000 bpd, one source said onFriday.

OPEC's deliberations on Thursday in Vienna took more thanfive hours, prompting the cancellation of a news conference anda gala dinner for delegates aboard a boat on the Danube.

Under their current pact, due to expire in March 2020, 11 ofOPEC's 14 member states have agreed to cut about 800,000 bpd ofoutput, with Iran, Libya and Venezuela exempted fromparticipating.

OPEC+ has pledged to cut 1.2 million bpd overall and alongwith Russia includes nine others - Azerbaijan, Bahrain, Brunei,Kazakhstan, Malaysia, Mexico, Oman, South Sudan and Sudan.

One sticking point is compliance, with Saudi Arabia cuttingmore than required in order to offset overproduction from Iraqand Nigeria.

"A scenario where the Saudis 'absorb' the majority of a500,000 bpd cut and formalise their target at current outputlevels would not be impactful to the market - unless Iraq andNigeria come into compliance with their targets," saidJefferies.

Saudi Arabia needs prices of at least $80 per barrel tobalance its budget, much higher than most other oil producers,and also needs to support a share flotation of its national oilcompany Saudi Aramco.

Shares in Aramco are expected to begin trading this monthfollowing pricing on Thursday that made it the world's biggestIPO. urn:newsml:reuters.com:*:nL8N28F4EZ

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^OPEC's share of global oil supply shrinks https://tmsnrt.rs/2NqmZVh

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Rania El Gamal, Alex Lawler and Ahmad Ghaddar;writing by Jason Neely; editing by Dmitry Zhdannikov) ((jason.neely@thomsonreuters.com; +44 207 542 8825 ; ReutersMessaging: jason.neely.thomsonreuters@reuters.net))