If OPEC is to strike a deal, 'Everyone needs to be participating': UAE oil minister

The biggest hurdle against OPEC reaching an agreement in Vienna is that not all member states appear ready to participate in production cuts, Suhail al Mazroui, United Arab Emirates oil minister, told CNBC on Tuesday.

"OPEC is a consolidated organization, and it needs to be unanimous. The expectation is that if we agree on something, it needs to be sustainable and that benefits everyone. Everyone needs to be participating," said Mazroui. "Don't ask me how, who or when before we meet."

OPEC will meet in Vienna on Wednesday in an attempt to implement a deal outlined in September which proposed cutting oil production by around 1 million barrels per day.

Speculation as to whether OPEC will be able to agree on a deal to reduce global oversupply of oil has intensified in the run-up to the meeting, with Iran and Iraq resisting pressure from Saudi Arabia to curtail oil production, according to a Reuters report.

Non-OPEC producer Russia confirmed on Tuesday that it would not be attending the meeting but said a meeting at a later date would be possible.

Correction: This story was revised to reflect that the UAE oil minister the OPEC meeting may not succeed because of a lack of agreement on production cuts.