NEW YORK (TheStreet) -- OPEC members are still having disagreements about an oil production cut deal less than 24 hours away from their official meeting in Vienna, Austria on Wednesday. Oil prices closed down 3.9% today.
"I could say that the biggest barrier is that some are not participating," United Arab Emirates (UAE) oil minister Suhail Al Mazroui said in a clip aired on CNBC's "Power Lunch" this afternoon. "I think OPEC is a consolidated organization. All decisions need to be unanimous."
The oil minister told the press not to ask him "how, who and when" before the cartel meets.
"He says that, but we all know this is about Iran vs. Saudi," CNBC's Steve Sedgwick said on the show. Saudi Arabia wants Iran to freeze production at its current level, while Iran wants to ramp up its production.
At a previous meeting in Algiers about two months ago, Iran was exempt from a potential production cut, but now it's being asked to partake in it, noted RBC Capital Markets Global Head of Commodity Strategy Helima Croft on the show.
Iran wants to get to 4 million barrels per day. However, in the last year before sanctions were placed on it, Iran produced just 3.8 million barrels per day, noted Croft. "So the question is, 'Is Iran digging a line in the sand for 4 million when they're probably not going to get there in the near term? So is this posturing potentially going to kill a deal?'"
While the cartel is still debating the deal, Croft says she still thinks the members will "stick the landing" tomorrow and come up with some kind of agreement. "I think everyone wants to stabilize the market. The question is just how to get it done."