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OPEC and other non-member crude producers are preparing to extend production on Thursday, potentially by as long as 12 months, in a bid to soak up a global stock glut and shore up crude prices.
The producer cartel will meet in Vienna to discuss whether they will prolong an accord struck December last year in which OPEC and 11 non-members reached a consensus to reduce oil production by around 1.8 million bpd in the first half 2017.
Majority of OPEC ministers, officials and market participants are pricing in a nine-month deal extension, compared to the initially proposed six month as the best deal to be reached during the meeting, but some countries are suggesting an unusually long period of 12 months. However, sources said the odds of a deal on deeper production cuts seems slim.
Ahead of the OPEC meeting, the international Brent crude traded up by almost 1 percent, close to $54.50 per barrel.
OPEC's production cut deal have helped prop up the oil back up to above $50 per barrel this 2017, giving a financial boost to producer, majority of which are heavily dependent on energy revenues and have had to tap into their forex reserves to fill up holes in their books.
