Oil prices have fallen amid increasing concerns that prominent fuel exporters may not reach an agreement to reduce oil output in the meeting scheduled for tomorrow. 

OPEC countries will meet in Vienna on 30 November with the objective to cut oil production by approximately one million barrels a day from the current production of 33.82 million bpd.

Some members of this oil cartel do not agree with the plan, increasing the chances of this meeting not succeeding.

Brent crude oil LCOc1 was down by 55 cents to reach at $47.69, while US light crude oil CLc1 fell by 55 cents at $46.53 per barrel, reported Reuters.

"If crude inventories grow, oil prices may dip below $45 a barrel."

Non-OPEC country Russia has stated its inability to participate in the meeting.

Goldman Sachs said that intense negotiations were required to reach a deal.

It was quoted by Reuters as saying: “The latest headlines suggest that while there is a broad agreement on the rationale for a cut, political considerations and country level quota negotiations are so far preventing a deal from being reached.”

Analysts believe that oil prices could reach $50 per barrel if OPEC agrees to a production cut. If crude inventories grow, oil prices may dip below $45.

There are also chances that oil importers in Asia, which is the biggest customers of OPEC, may look to secure supplies from non-OPEC countries, if OPEC resorts to an artificial production cut, reported the news agency.