NEW YORK (TheStreet) -- OPEC members will meet Wednesday about cutting oil production to ease the global oil glut that has been weighing on the commodity's prices. But members still have a long way to go before coming to a deal. 

"We know that less than 24 hours before the meeting, there is still significant disagreement among OPEC's leading members," Bloomberg News' Will Kennedy said on "Bloomberg Daybreak: Americas" this morning.

Right now, Saudi Arabia wants Iran to freeze production at its current level, while Iran wants to raise production, he noted. In addition, Iraq can't decide whether it will be willing to cut down on its oil output either. 

The meeting could result in a "total failure," he noted. "I think a lot of people are seeing the possibility that this whole thing unravels, and we're seeing some positioning in the options market for a fall in crude prices after the meeting."

In fact, Goldman Sachs released a note Tuesday saying there was only a 30% chance of a deal coming out of the meeting. 

If we don't get a deal, Saudi Arabia would be one of the biggest losers, Kennedy noted. Saudi Arabia's "budget position" needs higher oil prices more than Iran, which has a "much more diversified economy." 

The final decision will come down to the cartel's closed door meeting tomorrow, and investors should be prepared for either outcome, he concluded. 

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