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The Organization of the Petroleum Exporting Countries (OPEC) and 11 other leading producers including Russia agreed in December to cut their combined output by almost 1.8 million barrels per day (bpd) in the first half of the year. The December accord, aimed at supporting the oil market, has lifted crude to over $50 a barrel.
A joint committee of ministers from OPEC and non-OPEC oil producers were meeting in Kuwait to review progress with their global pact to cut supplies. The committee has agreed to review whether a global pact to limit supplies should be extended by six months.
The committee has requested a technical group and for the OPEC Secretariat to "review the oil market conditions and revert ... in April, 2017 regarding the extension of the voluntary production adjustments. Analysts said the lack of an immediate extension could drag on crude prices.
Russian Energy Minister Alexander Novak said it was too early to say whether there would be an extension, although the agreement was working well and all countries were committed to 100 percent compliance.
Analysts at Goldman Sachs say OPEC output deal extension is not needed unless the supply and demand fundamentals deteriorate. Goldman Sachs said that the rebalancing of the oil market is, in fact, making progress despite the record-high U.S. crude inventories.
"Our assessment of oil fundamentals and the rationale behind the production cuts do not warrant, in our view, such an extension barring either a sharp deceleration of demand growth or a sharp rebound in Libya/Nigeria production," the bank said in March 26 note.
WTI Oil prices fell further below the $50 a barrel on Monday, pressured by uncertainty over whether an OPEC-led production cut will be extended beyond June in an effort to counter a glut of crude.
