OPEC countries were meeting Thursday to find a way to support the falling price of oil, with analysts predicting the cartel and some key allies, like Russia, would agree to cut production by at least 1 million barrels per day.
Crude prices have been falling since October because countries like the US and Saudi Arabia are producing at high rates and due to fears that weaker economic growth would dampen energy demand.
The price of both benchmark US crude and the standard for internationally traded oil fell 22 per cent in November.
The oil minister of Saudi Arabia, the heavyweight within OPEC, said Thursday that the country was in favour of a cut of 1 million barrels a day.
"I think a million will be adequate personally," Khalid Al-Falih said upon arriving to the meeting in Vienna.
He clarified that that would cover production for both OPEC countries as well as non-OPEC countries, like Russia, which have in recent years been coordinating their production limits with the cartel.
His Iraqi counterpart, Thamir Ghadhban, said: "I am optimistic that the agreement will stabilise the market, will stop the slide in the price (of oil)."
He tweeted Wednesday that "Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!"