OPEC is seeking to finalise a deal in Vienna on Wednesday to reduce its oil output for the first time in eight years. The move aims to boost painfully low crude prices. However, speculation is rife over whether Saudi Arabia, Iraq and Iran can overcome their fierce rivalries and agree on who will do most of the heavy lifting.

If they fail to strike a deal, experts expect oil prices, currently at under 50 dollars per barrel, to plunge even further to around 40 or even 30 dollars.