More and more countries are behind the extension to march 2018 ahead of Thursday’s Opec meeting.

Opecländerna and a number of other oil-producing countries are on track to reach an agreement to extend the current production curtailments in another nine months. It writes Bloomberg News.

Most involvede countries now supports the saudi-Russian proposal for an extension to march 2018. The ministers, who gathered in Vienna ahead of its meeting on Thursday, still has plans to also discuss other possible time horizons, as a short contract six months ahead or one that includes the whole of 2018. But the consensus appears to be increasingly clear about the proposal on march 2018.

”For the moment, think I we have an agreement for nine months,” said Algerian energy minister Noureddine Boutarfa told reporters in Vienna on Tuesday, before he added: ”But tomorrow, we may have another proposal”.

Last year’s agreement between Opec and the eleven other countries involved the production cutbacks of up to 1.8 million barrels per day.

Brent oil is noted at at 09:30 on Wednesday at 54.36 dollars, a rise of just over 5 per cent a week ago on the hopes of the extension before Thursday’s Opec meeting.

Tradingportalen/Agency Directly.
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