OPEC and non-member oil producers are set to extend output cuts on Thursday, possibly by as long as 12 months, to help clear a global stocks overhang and prop up crude prices.
The Organization of the Petroleum Exporting Countries is to discuss in Vienna whether to prolong an accord reached in December in which it and 11 non-members agreed to cut oil output by about 1.8 million barrels per day in the first half of 2017.
The market sees an extension by nine months - instead of the initially suggested six months - as the base-case scenario.
OPEC's de facto leader, Saudi Arabia, has said it favors such a move to speed up market rebalancing and prevent oil prices from sliding back below $50 per barrel.
Saudi ally Kuwait signalled on Wednesday OPEC could discuss deepening the cuts, in what would come as a positive surprise for market bulls.
But hopes quickly faded after a joint OPEC and non-OPEC committee recommended keeping the curbs unchanged for nine months.
Saudi Energy Minister Khalid al-Falih gave the thumbs up when asked whether the committee had agreed on a nine-month extension, but his Russian counterpart Alexander Novak surprised later by saying a 12-month prolongation was also on the table.
From a trader's perspective, what to actually expect - what would be the outcome of this meeting - and effects on the Crude Oil prices?
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