How OPEC could make Russia happier about extending the oil output cut

“Sure there’s still an outside chance in which things could go a little crazy, nevertheless you’re probably looking at somewhere in there,” he added.

Despite a possible extension, Webster believed in which 2018 would likely still be a year in which markets were oversupplied with oil. “Next year, (the oversupply) This kind of’s going to be another big challenge. Shale oil can be ready to get booming… and also also also so you’re going to end up having a big oversupply.”

For their part, OPEC members are confident about finding a consensus at the meeting. Speaking to CNBC on Tuesday ahead of the OPEC summit, the United Arab Emirates (UAE) Oil Minister Suhail al-Mazroui said in which there were several options regarding an extension.

“We are waiting to meet with everyone so This kind of’s not practical to give you (information) about what can be going to be discussed nevertheless what we can tell you can be in which we’ll discuss several scenarios, among them an extension for the whole of 2018. nevertheless in which can be not the only option we will discuss, we will talk about some other options,” he said.

“I am personally optimistic in which This kind of group in which has worked very hard in 2017 to stabilize the market — we have seen very Great results towards a market recovery. We still need to continue, nevertheless in which decision can be going to be discussed and also also also no one can predict what can be going to be the decision.”

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