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OPEC unlikely to cut oil production: Dan Yergin

As oil prices continue to fall, Wall Street is anxiously waiting to see if OPEC cuts oil production in order to stem the slide. However, IHS' Dan Yergin told CNBC Wednesday it looks like at this point, that's not going to happen.

"At this point, it looks like more likely that they're not going to [make cuts]. Obviously, they're still negotiating," Yergin, the global information and analytic firm's vice chairman, said in an interview with "Street Signs."

"The Gulf countries are sending the message they don't want cuts."

Dan Yergin
Jessica Rinaldi | The Boston Globe | Getty Images
Dan Yergin

On Wednesday, Saudi Arabia's oil minister said he expects OPEC members to reach a unified decision later this week, but would not disclose the details, according to Dow Jones. A Gulf OPEC delegate told Reuters the GCC had reached a consensus not to cut oil output.

Read More Gulf OPEC producers agree not to cut output

Oil is down almost 30 percent since the organization's meeting in June. On Wednesday, WTI crude ended the session 40 cents lower at $73.69 a barrel, not far from its session low $73.30. Benchmark Brent futures were last down by about 50 cents at $78 a barrel, having hit a low of $77.30 in the session.

With oil prices so low, some countries are under "great pain," Yergin said. "The 'have' countries are willing to wait to see where the bottom is and where it stabilizes."

Read MoreThis is OPEC's last run at relevancy: Pro

He also didn't rule out another OPEC meeting in January to possibly address the issue, when t is clearer what's happening

"What they don't want to do is cut fruitlessly and give up market share," he said.

—Reuters contributed to this story.