Russia, the largest of the 11 outside producers working with OPEC, has not publicly said whether it supports extending the supply cut, but is wary about the revival of US shale output due to higher oil prices.
USA oil this month dropped below $50 a barrel for the first time this year as the nation's near- record crude stockpiles and increasing production weighed on the output reductions by the Organization of Petroleum Exporting Countries and its allies.
"The ministers will meet in May to decide, but everyone has to be on board", one OPEC source from a major producer said regarding the deal.
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The deal has lifted oil prices, but inventories in industrial nations are rising and higher returns have encouraged USA companies to pump more.
WTI (West Texas Intermediate) crude oil (RYE) (BNO) (IYE) futures for May delivery are near a four-month low as of March 20, 2017.
The average daily production in March was 1.51 mln tonnes versus 1.532 mln tonnes last October [a factor of 7.33 was used for conversion into barrels - TASS].
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Brent crude, the global oil benchmark, fell 1.1% to $51.17 a barrel on London's ICE Futures exchange. Shell, Total and Eni have already purchased 2 million barrels of crude oil from Iran.
The number of active USA rigs drilling for oil rose for a ninth straight week-up 14 to 631 last week, according to data from Baker Hughes BHI, +1.39% released Friday.
"While oil prices are expected to recover towards the end of the year, they will remain in the $50-$60 band given the high level of stocks which will combine to put a cap on the price". The nation's crude output has climbed to 9.1 million barrels a day, the most since February a year ago, according to the Energy Information Administration.
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