It is most likely that the majority of participants of the negotiations on the oil output reduction will support extension of the corresponding agreement, he said, according to AzVision.
“If none of the largest oil producing countries suddenly changes its position, there is a high degree of probability that the agreement will be extended,” Marunich said.
During a meeting in Vienna, Austria, on Nov. 30, 2016, OPEC members decided to cut oil production to 32.5 million barrels per day. Later, non-OPEC countries agreed to reduce the output by another 558,000 barrels per day during the meeting held Dec. 10, 2016.
Eleven non-OPEC countries – Azerbaijan, Bahrain, Brunei, Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia, Sudan, and South Sudan – agreed to reduce the oil output.
OPEC and non-OPEC countries pledged to start implementing the deal from Jan. 1, 2017 for six months, extendable for another six months.