The likelihood of leading oil producers coming to an agreement over a possible output cut or freeze this month looks bleak, according to one expert.
"Saudis want the price of oil to be low so that they can knock out the Americans," Gal Luft, senior adviser to the United States Energy Security Council (USESC), told CNBC Friday.
"The Russians want it to be high. I don't see that there is a middle ground, between those who want high and those who want lows. I think (the March 20 meeting) will be a talk for the sake of talk, but nothing concrete will come out of it."
In recent weeks, prices have seen significant swings, partly on the prospect that producers from the OPEC and non-OPEC countries, would gather for a meeting on March 20, to review a potential output freeze.
A Reuters report on Thursday, citing sources familiar with the matter, curbed expectations, however, indicating that Iran was yet to say whether it would participate in such a freeze.