President Nicolas Maduro of Venezuela said Wednesday that a deal to cut output was "imminent" and asked his oil minister to talk to Russia in an attempt to bring non-OPEC members to support he deal.
But analysts have doubts whether, and to what extent, an output cut will be agreed upon.
"We believe there is a 70 percent chance that OPEC could announce a 1 million barrel of oil per day production cut on next Wednesday, 30 November, during the cartel's formal meeting in Vienna," Nomura said in a research note.
However, research from Societe Generale is less optimistic. "Our view is that it is a 50-50 tossup, and it is not currently factored into our balances," the French bank said in a note.
Smith from Panmure told CNBC that "while reaching agreement looks tricky, it would be surprising if there was not some kind of firm commitment from Saudi and its key Gulf allies, given all the issues were clearly visible at the Algeria meeting, yet Saudi was willing to sign up to a revised OPEC target."
Reuters reported that OPEC members will debate an output cut of 1.2 million barrels a day, but Iran, Iraq and Indonesia have shown reservations to such proposal.
"There is likely to be some level of action to cut output but it may not be clear whether that will be sufficient to meet the new 32.5 – 33 million barrels a day target," Smith added.