An oil production cut is expected when the Organization of the Petroleum Exporting Countries (OPEC) meets in Vienna next week amid worries over a U.S.-China trade war, a supply glut and demand slowdown, according to Johannes Benigni, chairman and founder of consultancy JBC Energy Group. "OPEC will probably manage to stabilize the oil market by choosing the right language," Benigni told CNBC's Sri Jegarajah. "They will indicate a cut of between 1 million and 1.5 million, and that will do, the market probably will stabilize." Saudi Arabia raised oil production to an all-time high in November, Reuters reported on Monday, pumping 11.1 million to 11.3 million barrels per day (bpd) during the month.

G-20, OPEC and politics

Oil markets in a frenzy