Kenje International - Despite the hyperbole, the upcoming meeting of oil producing nations in Doha, Qatar, is likely to culminate in a loose agreement with little to no real impact on crude oil supply.

That’s the view of commodities strategists at investment boutique, Kenje International. Oil prices have risen sharply over the last two months on high hopes that the meeting of OPEC and non-OPEC producers will result in an agreement that imposes a freeze on crude production at January levels. Analysts, however, say they expect to see little more than the outlines of a deal, rather than a solid, tangible accord to which signatures are applied.

"It’s going to be a very flimsy, non-committal type of arrangement that doesn’t hold any one country to a promise or a pledge," said a Kenje International strategist.

Oil prices have jumped close to 60% since February when Russia, Saudi Arabia, Qatar and Venezuela agreed to freeze output provided they were joined by other producers. In the run-up to the meeting, Russia's energy minister, Alexander Novak, apparently told a closed-door gathering of energy analysts that a deal would more closely resemble a framework that participants would agree to build upon at subsequent meetings.

"We think the oil producers are effectively going to engage in kicking the can down the road. They’ll be hoping the fundamentals of the oil market improve enough to sustain prices at current levels while still exerting pressure on the US shale oil industry," said the Kenje International strategist.