The oil price is trading at around the lows during the 2008/09 economic crisis, in run-up to the OPEC meeting tomorrow, which should really increase the pressure on OPEC to respond.

"It would appear that most OPEC members are ready to agree to an OPEC production cut. The only problem is that they do not actually mean their own production, but rather that of Saudi Arabia and other Gulf states", says Commerzbank in a research note. 

These countries are not showing willingness to cut the over production uless other OPEC states, including IRan does the same. 

There is rise in today's oil price as Saudi Arabia appears to put forward a new proposal to reduce OPEC production by 1 mn barrels per day in 2016.