The Organization of Petroleum Exporting Countries, or OPEC, is set to meet in Vienna this week. Top of the agenda is sliding global oil prices. An increase in oil output has seen prices drop 27 percent this year. Iran's State run news agency is reporting that Iran may propose cuts to OPEC's daily output target by up to a million barrels a day. OPEC's biggest member, Saudi Arabia will consult with the Iranian oil minster before the talks commence. With oil trading at a four year low, dropping below $80 a barrel last week, analysts are expecting that OPEC members will seek outputs cuts in order to stabilize the markets. OPEC's 12 member nations currently produce around 40 percent of the world's oil supplies.