OPEC and other major oil producing nations are set to hold an informal meeting in Algeria on Wednesday to discuss a possible production freeze. As has been the case recently, Middle Eastern countries will be at the center of the talks, as CCTV's correspondent Nawied Jabarkhyl reports.

Deal or no deal? That’s the question yet again, as the world’s largest oil producers meet in Algiers. Oil prices have struggled to pass the $50 a barrel mark this year, as too much supply continues to hold prices back. But hopes of an agreement to support them remain low.

Like most major oil producing nations, Middle Eastern countries are feeling the effects of low prices. As government spending in the region has long depended on oil revenues, Gulf States have been faced with record budget deficits in recent years, and are having to roll back expenditure. It’s resulted in job losses, cancelled projects and forced governments to look for new ways of financing, through the likes of taxation and international bond markets.

There have been mixed signals so far on whether a deal to cut or freeze production will happen. Sources say Saudi Arabia has offered to reduce production if Iran caps its output. But with both sides so far downplaying chances of any deal this week, it may be yet another case, of no deal.