All eyes are on Doha this weekend where a meeting between OPEC and non-OPEC oil producers is being held to discuss freezing oil production output at current levels, but the finance minister of major oil exporter Russia poured cold water on any hopes for a deal.
"I want to say that we don't expect any changes in the price in spite of the negotiations which are being conducted currently with oil-extracting nations," Anton Siluanov told CNBC on Thursday.
Oil prices have risen this week in anticipation of the meeting in Qatar on Sunday with Brent futures currently trading at $43.90 a barrel and U.S. WTI at $41.57. Expectations among analysts for any kind of deal between the world's rival producers are low, however. OPEC member Iran is unlikely, for example, to agree to cut production levels when it is trying to recover its oil industry after years of economic sanctions.