OPEC meeting to spark further price pressures on oil?

Two days more for OPEC meeting and oil prices remain under pressure. Brent price currently is less than $45 per barrel, caused due to the supply glut.

OPEC member Venezuela made its appeal for a cut in production yesterday, no sign is seen from key decision makers indicating this would happen. They appear to be willing to accept further price discounts to sell oil.

Post the fall in Dubai oil price to a 7-year low in November, the traders and refineries expect to see higher price discounts for Saudi Arab Light Crude in January, as per Reuters Survey.

"OPEC could spark further pressure on prices if it decides on Friday, when Indonesia rejoins the cartel, actually to increase its production target by more than the 900,000 barrels per day that Indonesia currently produces so as to make room for additional oil from Iran", says Commerzbank in a research note.