OPEC countries are mulling a possible cut to oil production in an attempt to stabilize prices as they meet for a second straight day.

Iran's Minister of Petroleum Bijan Namdar Zangeneh speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)
Iran’s Minister of Petroleum Bijan Namdar Zangeneh speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)

Heavyweight Saudi Arabia has been pushing a cut of about 1 million barrels a day, but the oil cartel was not able to make a decision on Thursday.

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)
Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)

Analysts say they’re likely waiting to hear from non-OPEC Russia to better coordinate the cut.

Minister of State for Petroleum Resources from Nigeria Emmanuel Ibe Kachikwu speaks to journalistsprior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)
Minister of State for Petroleum Resources from Nigeria Emmanuel Ibe Kachikwu speaks to journalistsprior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)
Iran's Minister of Petroleum Bijan Namdar Zangeneh arrives prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)
Iran’s Minister of Petroleum Bijan Namdar Zangeneh arrives prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)

Heading in to Friday’s meeting in Vienna, Nigerian Petroleum Minister Ibe Kachikwu told reporters he was “hopeful” the nations would be able to reach an agreement.

Libya's Mustafa Sanalla Chairman National Oil Corporation speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)
Libya’s Mustafa Sanalla Chairman National Oil Corporation speaks prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)

Ahead of the meeting Brent, the international standard, was down 59 cents at $59.47 a barrel while benchmark New York crude was 61 cents lower at $50.88.

Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei talks with Mohammad Sanusi Barkindo, from left, OPEC Secretary General of Nigeria prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)
Minister of Energy of the United Arab Emirates, UAE, Suhail Mohamed Al Mazrouei talks with Mohammad Sanusi Barkindo, from left, OPEC Secretary General of Nigeria prior to the start of a meeting of the Organization of the Petroleum Exporting Countries, OPEC, at their headquarters in Vienna, Austria, Thursday, Dec. (AP Photo/Ronald Zak)

Oil prices have fallen about 25 percent in recent months.

Source: The Associated Press

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