Many of the major Gulf producers, Saudi Arabia, Qatar, Kuwait, and the UAE, have large financial surpluses to survive low oil prices. The others don’t, and rely on oil revenues month-to-month. Less cash-cushioned members such as Nigeria, Venezuela, and Iran are pushing for a cut.

Each country has a different “break even” oil price at which their economy balances its books. Kuwait, for example, can balance its budget if oil prices fall below $60 per barrel. Iran needs oil prices at $140 per barrel to balance its budget.

Cutting production would help curb 4-year low oil prices, which fell below $76 per barrel on Thursday. Low prices have been triggered by an oversupply created by increased US production and waning demand from China and Europe.

RT’s correspondent Murat Gazdiev spoke with OPEC ministers before they went into closed door meetings.

The Venezuelan foreign minister said his country is ready to support a five percent production cut across OPEC.

Kuwait says it is fine with prices at $60 per barrel.

The oil minister from Nigeria said that some of the OPEC members weren’t being driven by economics, but are after political objectives.

A decision to cut or not will have a big effect on energy markets worldwide, as OPEC produces more than 40 percent of the world’s oil.

Low oil prices help big importers like China and India because petroleum products become cheaper, but hurt exporting countries because billions in revenue is lost. Oil prices also affect currencies, such as the Russian ruble, which, in tandem with oil, has lost more than 30 percent since June.

A decision is expected to be announced at 4:00pm in Vienna, and a live feed is available.