Non OPEC Russia, the world's largest producer, would be key to any production deal, and Russian Energy Minister Alexander Novak was quoted as saying Moscow would be willing to discuss a freeze if prices fall further. The Wall Street Journal reported that Novak told journalists Russia has always taken the position it is ready for negotiations.
Novak also reportedly said that he could meet his Saudi counterpart, Khalid al-Falih, in September.
OPEC's feuding has kept it from coming up with any deals, despite its talks at OPEC's general meetings and at an April special meeting in Doha. But oil's drop from its high in the $50s this spring to the upper $30s this summer may provide motivation.
"There may be a little bit more to it this time. I'm still very skeptical, but it's just with Iran being where they are production-wise, they'll be more inclined to eventually go along with a deal," said Again Capital's John Kilduff.
But Iran is close to bringing back all the barrels it could not export while under sanctions for its nuclear program. Saudi Arabia also may have new motivation now that it is working to make its new domestic economic plan work, and it does not want oil to be too low ahead of the planned IPO of Saudi Aramco next year, analysts said.
"The IPO is definitely a consideration. This next trip down (in price) could push them back into each other's arms," said Kilduff.
Some unnamed OPEC officials were quoted Monday as saying a freeze is not in the cards. "So much of this is a joke. If they strike a freeze at these levels, we're at record (production levels). Saudi is at 10.5 million. Iran is coming back and if the hike is U.S. rig counts keep coming, it's more of the same," Kilduff said.
"The market has richly rewarded this rhetoric, and you can't argue that," he said.
Croft said a sharp drop will be needed before OPEC would do anything.
"I'd suspect they will revive the discussions about potential new mechanisms. I certainly think if the market stalls out in the $40s, or if we move lower they could do something," she said.
Analysts have said oil could take another leg down as refineries shut some operations in order to switch to winter fuel.
"Our view is the market is oversold at this point," Croft said, adding that the market is coming in to balance. But the refinery maintenance season is still ahead, and there will be a drop in demand, with inventories still needing to be worked off.
Mike Dragosits, senior commodity strategist at TD Securities, said he doesn't think OPEC will need to do a deal, despite the efforts being put forth by Venezuela and Ecuador. Venezuela is a concern for oil the oil market, since its economic problems and political instability have cut into production and make investment impossible.
"In my mind, it's not necessary. Demand is growing and U.S. production is still in decline. I think we may see that in the second of the year, it's a more balanced market," he said.
Dragosits said there's no sign that Iran or Saudi Arabia are backing a meeting or a deal.
"It's not clear in my mind how much impetus there will be for all members to agree, particularly Iran and Saudi Arabia on this production cap, but I think they'll continue to leak out rumors," he said.
As for OPEC, it did not immediately return phone calls, but al-Sada was quoted in the Wall Street Journal as saying that "OPEC continues to monitor developments closely, and is in constant deliberations with all member states on ways and means to help restore stability and order to the oil market."