A crucial meeting between OPEC and its allies in early December could easily turn into a "formality," analysts have told CNBC, with the world's most influential oil market players likely to iron out production policy in Buenos Aires instead.
The heads of the world's 20 largest economies are due to arrive in the Argentinian capital this weekend, where leaders will try to build a consensus on key issues. It comes a week before a much-anticipated meeting between OPEC and non-OPEC producers in Vienna, Austria, on December 6.
"All eyes are now on the upcoming OPEC meeting, but the get-together could easily turn out to be a formality," Tamas Varga, senior analyst at PVM Oil Associates, said in a research note published Tuesday.
"It might well be the case that when oil ministers from producing countries sit down a week later in Vienna they will merely make official what was agreed this weekend at the G-20 summit."