Russian oil output rose to the highest level in almost 30 years in March, fueling fears that major crude producers will fail to reach an agreement to curb production at a highly anticipated meeting this month in Qatar.

Russia produced 10.91 million barrels of oil a day in March, reaching the highest level since 1987 when the country produced 11.5 million barrels a day, according to media reports. Last month’s output of 10.91 million barrels also represents a rise of 0.3% from the 10.88 million barrels produced in February.

Trading Economics, London Capital Group

“It appears that despite the financial difficulties on cheapening oil, Russia continues to fight with all its might. [The] April 17th meeting in Doha is now under the spotlight. Expecting a cut in production is clearly a dream, but even hopes to see the major oil producers freezing their [output] turns into an unrealistic expectation,” said Ipek Ozkardeskaya, market analyst at London Capital Group, in emailed comments.

The data out over the weekend cast fresh doubt over the potential success of a proposed agreement between leading oil producers to freeze output at January levels. Russia, Saudi Arabia, Venezuela and Qatar in mid-February reached a provisional agreement to cap production at January levels, hoping to stem a persistent slide in oil prices.

The 13-nation Organization of the Petroleum Exporting Countries is set to meet with nonmembers like Russia on April 17 in Doha, Qatar, to discuss details of a such a production freeze. But given the latest data, analysts doubt any substantial deal will be reached. Data from Iran out on Sunday also showed oil exports jumped in March there, in another sign that major oil producers are unwilling to cap output. Saudi Arabia has said it will only limit production if Iran follows suit.

“A meeting [in Doha] is still expected to go ahead as failure would trigger renewed weakness in oil markets, something that an increase number of oil producers can ill afford,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Oil prices have dropped sharply from their recent highs on signs the Doha meeting will fail to yield a deal to freeze output. West Texas Intermediate crude CLK26, is down 6.6% over the past week, while Brent UK:LCOM6 has slumped 3.6%. Prices were little changed on Tuesday.

Analysts at Commerzbank said speculative investors, who had driven oil prices higher between mid-February and mid-March on hopes of a deal, are likely to pull out of the market again in light of the latest developments.

“The oil price could therefore fall further, though the decline in U.S. oil production should preclude any more pronounced price drop,” they said in a note on Monday.