Opec ministers gathered in Vienna appear inclined to keep output steady while watching out for signs that record prices and economic slowdown could erode demand.
The price of US crude hit a record $103.95 today and was still near $103 a barrel today.
Opec ministers have said prices have been driven by factors beyond their control, such as a weak dollar and speculation, and not by any lack of oil.
Opec president Chakib Khelil said tomorrow's meeting would decide to keep output policy the same.
But ministers are expected to call another meeting soon and to keep monitoring the impact of a US-led economic slowdown and a seasonal decline in oil consumption.
A no-change decision would mark a re-run of Opec's last session on February 1st when it again held output steady. But a major difference between then and now is that the oil price is around $10 a barrel higher.
Consumers, led by top fuel burner the United States, have called for an increase in output to try to halt the rally, which they see as dangerous to a fragile world economy.