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All eyes on Vienna, your move OPEC

On Friday, OPEC is meeting in Vienna to decide on production policies. In the meantime, the main question from oil market watchers is: Will the cartel cut output and try to raise prices?

"It's very difficult to imagine OPEC cutting because if OPEC cuts, who's going to cut?" Jim Burkhard, head of oil market research at IHS Energy, said Thursday on CNBC's "Power Lunch."

Burkhard says that he would be surprised if The Organization of the Petroleum Exporting Countries decides to cut, instead he thinks that low-cost producers in the Middle East are more likely to raise production.

Efforts to reduce oil production aim to balance out the crude glut in an oversupplied market.

Discussions of a possibility that Saudi Arabia — seen as OPEC's de facto leader and the largest ranking exporter of oil— may suggest that crude output should be reduced have surfaced. However, Burkhard believes that the possibilities of the cartel cutting down its high oil production depends on both OPEC and non-OPEC countries alike.

"The Saudis will cut only if they have other partners who would actually make a cut," he said. "Iran said that they're going to increase production at all cost, Iraq does not plan to cut production, Russia is not going to cut production, why would the Saudis cut production?"

In the 1980s Saudi Arabia cut its production rate significantly, taking it 25 years to regain that market share — which makes it difficult to believe that the Saudis will cut, Burkhard said.

"It's very difficult to see a cut happening," he said.

U.S. crude futures closed nearly 3 percent higher Thursday, lifted by a weaker dollar and a report sourced to a senior OPEC delegate that Saudi Arabia would next year propose a deal to balance oil markets with non-OPEC help.

Brent was up 3.37 percent to $43.93 per barrel in late trading Thursday. West Texas Intermediate settled 2.85 percent higher at $41.08 a barrel.

— Reuters contributed to this report.