Saudi Arabia has always led the call to not cut despite the reluctance of poorer OPEC members, such as Venezuela.
On Friday, Venezuelan oil minister Eulogio del Pino told CNBC Friday that his country was proposing a 5 percent cut to OPEC production because its current "over-production" could have what he called a "catastrophic" effect on oil prices.
Analysts did not foresee any major policy changes from Saudi Arabia, however.
"I think they (Saudi Arabia) have taken a more conciliatory stance to prevent a major fight at OPEC today but the substance remains the same: We're not cutting unless Mexico cuts, unless Russia cuts and certainly the Iranians have to do their fair share but they're saying, 'Don't hold us back, we're going to put an extra 500,000 barrels on the market'," Helima Croft, chief Commodities strategist at RBC Capital Markets told CNBC Friday.
"I think the Saudis want to appear like they are playing nice in the sandbox, that they're listening to all the views of the membership. I don't expect a real substance of change today," she said, warning that if Saudi did cut production today, a "wave" of U.S. shale oil production could return, flooding the market with yet more oil.
Markets can ill-afford to see more oil come onto the market.