Skepticism is mounting that OPEC will succeed in hammering out a deal on Wednesday to cut oil production thanks to a recent flurry of statements and communications that hint at the waning enthusiasm among some key members of the oil-producing cartel.
Jamie Webster, a fellow at the Columbia Centre for Global Energy Policy told CNBC that Wednesday's meeting in Vienna is "kind of our last chance" for OPEC to act. Yet while he says conditions are mostly in place to support an agreement – such as a slowdown in U.S. shale production, a return of demand and Iran and Iraq giving signs of reaching current capacity limits - his optimism is contained.
According to Webster, "A lot of the pieces are there, it's just a question of whether they can all come together."
"Right now it's not looking that great," he added.
His hesitation is shared by Bjarne Schieldrop, chief commodities analyst at Nordic bank SEB, who told CNBC via email that he saw a very low chance of a cut being agreed on Wednesday.