OPEC is meeting on Friday, and rumors about what they'll do are already flying
APIn Monday, Dec. 22, 2014 photo, an Iranian oil worker walks at Tehran's oil refinery south of the capital in Iran.
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, a ministry official.
Saudi Arabia and the Persian Gulf Arab countries are the only ones that are not in agreement on a cut, according to the Shana report.
OPEC member countries meet in Vienna on Friday to discuss their production targets. At their meeting last year, crude oil prices slumped after OPEC decided not to cut its output, even though oil was basically in free fall at that point.
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.
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