Saudi Arabia fully expects OPEC members and allied producers to agree to an extension to supply cuts on Thursday.
Ahead of an announcement over oil output policy later in the day, Saudi Energy Minister Khalid al-Falih told CNBC that OPEC's consensus was "almost complete," before adding he did not anticipate an exit to the deal in the first six months of 2018.
OPEC, Russia and nine other producers are currently cutting production by around 1.8 million barrels per day until March. Industry analysts covering the 14-member group in the Austrian capital still widely expect supply cuts to be prolonged until the end of next year.
However, while efforts to clear a global supply overhang are projected to continue, a deal may also be agreed for a shorter time frame — like three or six months — or it could be for nine months with more emphasis on reviews.
Iraq's Oil Minister Jabar al-Luaibi told CNBC Wednesday that any such caveat would be unnecessary.