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Top global crude exporter Saudi Arabia is pushing for oil ministers to reach a consensus next week on a nine-month extension to OPEC-initiated production cuts, according to sources, as Riyadh looks to ensure a glut that has weighed down prices is resolved.
The OPEC, non-OPEC member Russia and nine other producer nations are lowering production by 1.8 million bpd until March 2018, and will hold talks regarding extending the agreement at a meeting in Vienna on November 30.
Oil prices have rallied to almost $65 per barrel, the international benchmark's highest level since 2015, propped up by lower stockpiles. But OPEC is worried that the prices could fall once more since surplus supply prevails in the market, while the intensification of geopolitical tensions in Middle East also had a major role in the rise.
According to a source, the Saudis are lobbying to have a decision during the meeting for a nine month extension. Signs of support for a nine-month extension have come from the de facto leader of OPEC and Russia, the biggest non-OPEC producer participating in the agreement.
Saudi Crown Prince Mohammad bin Salman indicated he is putting his weight behind extending the deal further into 2018, after comment by Russian President Vladimir Putin on October that the deal could be continued into the end of the following year.
