Oil prices have fluctuated on comments that the Organization of the Petroleum Exporting Countries might agree to an output cut next week. However, the historic meeting might not be enough to revamp oil prices.
Libya and Nigeria aren't expected to sign the deal and the full-backing from two key countries – Iraq and Iran – is not guaranteed.
President Nicolas Maduro of Venezuela said Wednesday that a deal to cut output was "imminent" and asked his oil minister to talk to Russia in an attempt to bring non-OPEC members to support he deal.
But analysts have doubts whether, and to what extent, an output cut will be agreed upon.
Experts from Nomura have put the chances of a deal around 70%, while Societe General called them a "50-50" tossup.
Reuters reported that OPEC members will debate an output cut of 1.2 million barrels a day, but Iran, Iraq and Indonesia have shown reservations about such a proposal.
Russia is not part of the OPEC group but its troubled economy would benefit from an increase in oil prices. But the solution advocated by Moscow is an output freeze and not an output cut.
The country's energy minister, Alexander Novak, said Thursday that Russia could cut down its oil production plans in 2017 if a global output freeze pact is applied, Reuters reported.
Though Russia's involvement is seen as market positive, it's unlikely that the final deal would require a formal backing by non-OPEC members
