OPEC is meeting on Friday, and rumours about what they will do are already flying

Most members of the 12-member oil cartel OPEC are reportedly willing to agree to cut their output to prevent oil prices from tumbling much lower.

That’s according to the Iranian oil ministry’s website Shana, which cited comments from Mehdi Asali, Iran’s representative to OPEC.

Saudi Arabia and the Persian Gulf Arab countries are the only ones that are not in agreement with a cut, according to the Shana report.

OPEC member countries meet in Vienna on Friday to discuss their production targets.

Iran had announced plans to boost production by 500,000 barrels per day once sanctions are lifted. Early next year, the agreement between Iran and world leaders is expected to kick in, which involves Iran returning to oil markets provided its nuclear program conforms to certain conditions.

After the reports crossed, West Texas Intermediate futures in New York were down about 2%, near $40.86 per barrel. WTI futures lost some ground after data from the Energy Information Administration showed that US oil inventories rose more than expected last week, by 1.2 million barrels.

Brent crude, the international benchmark, was also down by about 2%, near $43.58.

NOW WATCH: Saudi Arabia is building the world’s tallest building — nearly twice the height of One World Trade Center

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.