Top Stories
Top Stories
Market Insider

No OPEC deal expected, though it would have had impact: CNBC Oil Survey

Alison M. Jones | Getty Images

OPEC producers could have a significant impact on oil prices if they agree to a production freeze, but it's unlikely they'll get it done at this week's meeting in Algiers, according to a new CNBC Oil Survey.

Sixty-five percent of the survey respondents said no agreement is likely, while 52 percent said if producers could strike a deal, there would be a meaningful effect on crude prices. That may be because little more than half of the participants also said they believe the rebalancing of oil supply and demand is occurring more slowly than they had expected.

About 90 percent of the survey respondents believe West Texas Intermediate oil prices will be above $40 per barrel at the end of the year, with nearly 40 percent expecting them between $50 and $59 per barrel. Fifty-seven percent expect oil prices to remain stable, with just 13 percent seeing another drastic drop. Thirty percent see prices moving higher.