But they're contending with vociferous opposition from the USA president, who's taken to using his Twitter account to berate the group's policies and sees low oil prices as key to sustaining America's economic growth.
But OPEC and its partners, who account for more than half of the world's oil output, are planning to throttle production, which could lead to rising oil prices.
Oil prices fell along with weak stock markets on Thursday, but trading was tepid ahead of a meeting by the Organisation of the Petroleum Exporting Countries (OPEC).
Donald Trump has often complained about OPEC this year as higher crude oil prices have raised fuel cost.More news: France Delays New Fuel Tax After Violent Protests
Major producers such as Russia, Saudi Arabia, Iraq, the UAE and Kuwait pounced on the occasion to produce as much oil as they could, anticipating a steep drop in Iran's exports which did not happen. He also said that a 1 million bpd production cut was acceptable.
OPEC members will meet on Thursday and hold talks with allies such as Russian Federation on Friday. If Russia does agree a cut, it would take three to four months to fully implement it, he said.
"Yes, we will have a cut", Oman's oil minister Mohammed bin Hamad Al Rumhi said on Wednesday evening.
"The oil cut will be between 1.0 and 1.3 million bpd".More news: Universal Cancer Test: One Test to Diagnose Them All?
President Trump's Tweet could be seen as a warning to the cartel to measure any production cuts carefully, but OPEC has always been the target of Trump's tweets, even prior to his presidency, chastising the organization for restricting oil during the near-$100/barrel days.
Oil prices have fallen by nearly a third since October to around $62 per barrel after Saudi Arabia raised production to make up for the drop in Iranian exports. But Washington gave sanctions waivers to some buyers of Iranian crude, further raising fears of an oil glut next year. Trump has backed Saudi Crown Prince Mohammed bin Salman despite calls from many United States politicians to impose stiff sanctions on Riyadh.
Iran hopes to be exempted from the cuts to keep its economy afloat, as the country faces harsh economic sanctions imposed by the US. "Being too cautious on the words, to please President Trump, runs however the risk of diluting the message", said Olivier Jakob from Petromatrix consultancy. Only the headline has been changed.More news: Wolves without Ruben Neves and Jonny Otto for Chelsea visit