Organization of Petroleum Exporting Countries’ (OPEC) most influential member Saudi Arabia, which is also considered as the de-fact leader of the cartel has declined to join a meeting with non-OPEC countries like Russia and Kazakhstan scheduled on Monday, saying that the OPEC is yet to reach a deal, hence no point in meeting with non-OPEC countries. The meeting got canceled after Saudi Arabia’s refusal to join and posed fresh doubts on the much waited a deal that could see production being cut from current levels by more than a million barrels per day. Saudi oil delegates won’t be arriving in Vienna until 29th of November, same as Iran’s, which would leave little or no room for pre-meeting negotiations.

According to sideline commentaries, Saudi Arabia is ready to cut production but it would demand participation from other members including both Iran and Iraq. While Saudi Arabia produces one in three barrels of oil from OPEC, Iran and Iraq together produce almost one in four barrels. While Iran is likely to be exempted from any production cuts, it would be called to freeze its production at current levels. According to the unofficial estimate, Iran’s production is yet to reach the desired 4 million barrels per day, before the meeting in Vienna. Saudi Arabia and other OPEC members are likely to keep negotiating over the wire, even in the delegates do not meet personally. Saudi Arabia has insisted once more that the market is likely to balance itself out, even if a deal isn’t reached.

However, investors have warned that no deal could severely damage confidence and oil price would come under pressure. The oil prices are already down since the news came out. Since Friday, WTI, which is currently trading $45.7 per barrel, declined by almost 5 percent.