OPEC leaders are meeting today in their Vienna headquarter in Austria to decide the fate of the current production cut agreement that was reached among OPEC members and participating non-OPEC members last November with an aim to reduce global oil supply by 1.758 million barrels per day. While OPEC’s two biggest producers, Saudi Arabia and Iraq have come to term to extend the agreement by 9 months, along with Russia, OPEC’s third-biggest producer Iran remains undecided, especially over the term of the agreement.

Iran’s oil minister Bijan Zanganeh indicated on Wednesday that not all members are on board with the Saudi-Russia proposal to extend the cut for nine months and the issue is still being debated within the OPEC. He said that all agree to maintain the production ceiling but the term is not yet clear. He added, “Maybe three months, six or nine months”. The comments from Kuwaiti oil minister also indicate the same. Kuwaiti oil minister, Essam al-Marzouq indicated that OPEC and non-OPEC signatories to the deal would discuss whether the production cut deal should be extended by six or nine months because there isn’t a unanimous unconditional support for a nine-month extension: “We have agreed on the six months. Some of the countries have agreed to six months subject to a revision in November for an additional three months”.

There are two meetings scheduled at the OPEC headquarter today; the first one within OPEC and the second one between OPEC and non-OPEC participating countries. Oil price remains upbeat ahead of the meetings' outcome. WTI is currently trading at $51.8 per barrel and brent at $2.6 per barrel premium to WTI.