An oil field is seen at sunrise near Bakersfield, California October 14, 2014. Brent crude hit a new four-year low on Wednesday before recovering to just under $85 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply.
An oil field is seen at sunrise near Bakersfield, California October 14, 2014. Brent crude hit a new four-year low on Wednesday before recovering to just under $85 a barrel, as faltering global growth curbed demand for fuel at a time of heavy oversupply. Oil saw its biggest daily fall in more than three years on Tuesday after the West's energy watchdog slashed its forecasts for world oil demand for this year and 2015. Picture taken October 14, 2014. Reuters/Stringer

The 166th OPEC meeting is scheduled to be held on Nov 27, 2014 in Vienna, Austria. The focus of the meeting is expected to be on the falling oil prices in the recent months. The countries at the meeting will face difficult choices which include cutting the output to ensure the prices stabilise.

Saudi Arabia is the leading member and one of the largest producers on oil in the OPEC. According to a report by Bloomberg the oil minister of the country expects the crude oil market to stabilise itself. This may be a hint that the country does not favour a cut in the output.

Iran's oil minister reportedly said that there is currently an oversupply of crude oil in the market. Countries like United Arab Emirates and Angola are said to be hopeful of the OPEC countries reaching a consensus at the meeting tomorrow.

The decision whether or not to cut output will depend on the circumstances in each country. The cost of producing the crude oil varies from country to country and there may be other stake holders who will influence the decision. Russia, a country that is not an OPEC member, is reportedly in a position to withstand a price drop in crude oil to 60 dollars a barrel.

Members from a Russian delegation are said to have met with their counterparts from Mexico, Saudi Arabia and Venezuela over the crude oil price issue. The countries reportedly agreed to monitor the prices for another year before taking a decision to cut production.

Although Russia is not a member of OPEC, it is one of the largest oil exporting countries in the world. A major portion of the country's economy is based on the earnings from oil exports. The country is facing stiff sanctions by the European Union and the U.S. for its reported involvement in Ukraine.

The crude oil prices currently are just over 70 dollars. The prices have been dropping consistently over the past four months. Crude oil prices peaked in the month of July this year and were at over 100 dollars at that time. The prices may reportedly drop to just over 60 dollars if the OPEC countries refuse to cut output.