Iraqi oil minister Jabar Al-Luaibi said on March 28 that a number of oil exporting countries have suggested a six-month extension to the supply cut deal agreed by OPEC and non-OPEC nations, Reuters reported.
The OPEC and non-OPEC nations have already agreed to cut a combined 1.8 mb/d by the end of 2018, a date which already marks an extension from the original agreement.
“By the end of this year, we will assess and decide how to go ahead,” Luaibi said at the Iraq Energy Forum. “Some are suggesting a three-month extension, some suggest a six-month extension,” according to Platts.
Luaibi did not say which countries suggested an extension of the agreement.
Riyadh and Moscow are considering extending Russia’s current short-term alliance with OPEC to curb oil production that began in January 2017 after a crash in crude prices.
“We are working to shift from a year-to-year agreement to a 10-to-20-year agreement,” Crown Prince Mohammed bin Salman told Reuters.