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OPEC and Russia are moving towards extending their oil production cuts for the entirety of 2018 but with an option to reassess the deal in June, according to OPEC sources on Tuesday after Moscow voiced worries that the market could overheat.
The caveat was recommended by a joint committee of OPEC and non-OPEC delegates which included Russia, but still pending approval by the ministers from the committee and then by a full OPEC meeting on Thursday, people familiar to the talks said.
Oil prices extended their two-day drop on the report, which the market could view as an extension of supply cuts by just three months until June 2018 rather than a complete year.
OPEC, along with top global producer Russia and nine other producers are reducing crude production by around 1.8 million bpd until March 2018 and on Thursday their oil ministers will talk about the deal's extension.
UAE Energy Minister Suhail bin Mohammed al-Mazroui said the meeting will not be easy and various scenarios could be considered. He said that reducing production through the whole of 2018 was still the main scenario being pictured, but it was not the only one.
