Croft and her colleagues suggested that OPEC's formal meeting in November could be the setting for a solid decision on freezing oil output levels or even agreeing to return to a system of output quotas for each OPEC member country as proposed by Iran.
"Perhaps most compelling (a reason to reach a collective output deal), many of the biggest and most influential producers are close to maxing out and hence may judge that there is little downside to agreeing to cap output at current levels or sign up again for a collective ceiling," Croft said.
"With little left to lose in agreeing to some sort of market management, most other forms of cartel cooperation look quite constructive, in our view. In fact, we think the market would applaud efforts towards installing a system of checks and balances applied at the country or group level," she added.
Croft said that the "likely the most feasible (and likely moderately bullish) solution in our view" was to reach an agreement on a quota system, although she conceded that "in the past, attempting to agree on individual hard quotas is a slippery slope for OPEC (particularly given Iran's rising production and depressed output in countries like Nigeria, Venezuela and Libya)."
Still, she said that such a system would accomplish several things: "Most notably, a unified cartel would help to install a floor in the market, as quantifiable measures should hold members accountable. Additionally, such a framework could be struck in a way that it accommodates Iran's return to pre-sanction production levels. We view this as likely because the cartel historically has made country level concessions under certain circumstances."
Summing up, Croft said that oil markets would not be forgiving if OPEC yet again made promises for some kind of deal to help stabilize prices without delivering.
"We place the odds of a repeat of the 'Doha Disaster' meeting rather low (as OPEC and Russia are cognizant of the market's perception and will look to ensure that this time the outcome is more constructive), the market has grown increasingly weary of OPEC's lack of action."
- By CNBC's Holly Ellyatt, follow her on Twitter @HollyEllyatt.