While commentaries from some of the OPEC member countries like Iran and Iraq continue to pose doubts over the possibility of an extension of the OPEC deal, Saudi Arabia’s oil minister Khalid-al Falih remains quite an optimist. Speaking to the oil and gas conference in Malaysia, Saudi Arabia’s oil minister Mr. Falih said, “Based on the consultations I have had with participating members I am rather confident the agreement will be extended into the second half of the year and possibly beyond. The producer coalition is determined to do whatever it takes to achieve our target of bringing stock levels back to the five-year average”.

The comments from Mr. Falih came as the oil price dipped to the lowest level since the OPEC and N-OPEC deal in November that reduced supply by almost 1.8 million barrels per day. Last week on Friday, WTI crude benchmark declined to $43.7 per barrel before bouncing back. WTI is currently trading at $46.4 per barrel and Brent at $49.4 per barrel.

OPEC members are set to meet on 25th of May in their Vienna headquarters to decide on whether to extend the supply cut deal or not. If not extended, according to the agreement, the current deal would expire in June.