Oil prices hit a four-year low on Thursday as hopes for an OPEC agreement on the first production cut since the financial crisis grew smaller.
Saudia Arabia, the largest among OPEC members, hinted it would not vote for the cut in output — in a bid to retain market share and hold off competition from U.S. shale production.
Brent crude traded at $75.86 when the key meeting kicked off in Vienna.
Analysts say a cut of around 1.5 million barrels a day would be needed to support oil prices — a move that now seem increasingly unlikely.
The lack of action would be bad news for countries like Russia, Iran and Venezuela, which depend on prices around at least $90 a barrel to meet their economic targets.