Oil prices have been under pressure this week as investors raised doubts over whether an agreement on a production cut between OPEC and non-OPEC members would soon materialize.
However, even if a deal over an output cut doesn't emerge soon; one analyst believes prices are still going to climb.
"We think even without an OPEC deal, prices are headed higher and that's purely because of fundamentals," Miswin Mahesh, oil analyst at Barclays, told CNBC on Friday.
"Demand, supply — when we do the numbers, we're getting a deficit as early as Q1 to Q2."
When looking at the first to second quarter, Mahesh said it was possible prices could head towards the $50 to $55 per barrel range.
Meanwhile, Chantico Global's CEO Gina Sanchez argued on CNBC's Street Signs Europe, that unless the market sees some significant news out of the OPEC meeting—which she said she didn't anticipate—oil is likely to trade back down to around $40 per barrel.