Ministers from Algeria and Ecuador both indicated overnight Tuesday that a nine month extension, which has been proposed by both Saudi Arabia and non-Opec partner Russian Federation, is the most likely outcome of Thursday night's meeting in Vienna.
By June, it is forecast U.S. shale oil producers, who have boosted production 10 per cent since September, will add 5.4 million barrels a day to the market.
This was the working assumption only weeks ago until the Russian oil minister Alexander Novak and the Saudi oil minister Khalid al-Falih said that the two biggest oil producing countries have agreed to extend the deal for nine months.
Jabbar Ali Hussein Al-Luiebi, his Iraqi counterpart, said: "We support the proposal for nine months".
The Organization of the Petroleum Exporting Countries is meeting in Vienna Thursday to decide whether to extend a production cut agreement struck late past year and for how long.
But in the longer term, there are concerns among OPEC countries that higher oil prices may end up being counterproductive as they encourage USA shale gas producers to re-enter the market - a development that could weigh on oil prices.
But now it projects daily output will rise by almost 1.4 million barrels this year, spurred most of all by a surge of shale drilling that could lift American oil production next year past its 1970 record of more than 10 million barrels a day.
"Thankfully, things are improving and we started seeing a draw in inventories in the United States", Boutarfa said, adding he believed that inventories should decline to their five-year average by the end of 2017.More news: Google helps advertisers track spending in physical stores
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OPEC and non-OPEC ministers would meet on Wednesday for informal consultations in Vienna in a last-ditch bid to agree the duration of oil output cuts.
The price of oil is dictated by many factors, but perhaps the most determining factor is the 13-member nations that make up the Organization of the Petroleum Exporting Countries.
"The Saudis have moved expectations towards a nine-month market consensus and thus a six-month extension is likely to be punished", they wrote in a May 23 note.
Inevitably, there was a barrage of comments from OPEC members ahead of Thursday's Ministerial meeting.
After markets closed Tuesday, the American Petroleum Institute said that USA oil inventories fell by a less-than-expected 1.5 million barrels in the week ended May 19.
And Carlos Perez, Ecuador's oil minister said; "Both proposals are on the table, both six and nine months, but we will support the majority that we expect will be nine". They are expected to extend a pledge to cut output by 1.8 million barrels per day (bpd), possibly until March 2018.
Brent futures rose to US$54.34 (RM233.31) per barrel by 0652 GMT, up 19 cents, or 0.35 per cent, from their last close. Asked whether cuts could be extended by 12 months, he said: "Let's not go there".
That means such sales would only average 110,000 barrels a day annually through 2027, 66,000 barrels a day in 2018-2020 and just 25,000 barrels per day this year, Goldman estimates.