VIENNA (Sputnik) — On Wednesday, the Iranian oil minister said that all members of the Organization of the Petroleum Exporting Countries (OPEC) appear to be supporting the extension of the oil production curtailment agreement, but the timeframe remains the topic for discussion.
"It is highly likely that the decision is made that we are going to roll over with the same terms on a nine month period," Falih told reporters.
The future of the Vienna agreement on oil production cuts will be decided in late November, should it be extended for nine more months.
No exit strategy from the oil production reduction deal has been developed, he said.
"We have not developed a strategy, but in unforeseen circumstances of mass disruptions somewhere, of course OPEC is very fragile we will do what is necessary to ensure the global market has supply but we don't plan for any circumstances," he told reporters.
The OPEC and non-cartel ministers are currently considering considering an extension of the deal by various periods of time, including until the end of 2018. However, the 9-month extension remains the main option, according to Boutarfa.
At the moment, OPEC's implementation of the oil production curtailment stands at over 100 percent, while non-cartel countries have reached an adherence of over 95 percent, according to Algerian Energy Minister Noureddine Boutarfa.