The Organization of the Petroleum Exporting Countries (OPEC) meets on Nov. 30 in Vienna, where members are expected to hammer out a deal to limit production. Two years of global oversupply and low prices have hurt states' budgets.
OPEC has not made clear how much each individual member should cut, and several have been resistant. Market watchers have grown more skeptical that a concrete deal can be reached or enforced, putting a lid on any price rally.
"Since things have clearly bogged down into negotiations about old-fashioned quotas - precisely what OPEC had wisely shied away from for more than a decade - ministers now face a very tall mountain," Credit Suisse analysts said in a note.
OPEC had hoped that major non-OPEC producers, particularly Russia, would join any deal to cut production. While Russia has signaled this could be possible, crude output hit a post-Soviet record of 11.2 million barrels per day in October.
"There is a massive market-share battle going on between Russia and Middle Eastern oil producers that sees Saudi oil ending up in Poland and Russian crude in traditional OPEC markets in the Far East," London broker PVM said, citing reasons why it believes Russia will not participate in a deal.
"Last but definitely not least ... Russia is in dire economic difficulty and needs cash."
OPEC approved a document last week outlining its long-term strategy, a sign its frequently dissenting members are coming to an agreement on managing production.
— CNBC's Tom DiChristopher contributed to this story.