It is early to say whether the Organization of Petroleum Exporting Countries (OPEC) and its allies led by Russia will extend the period of oil production constraints by the end of 2019, according to the Russian Energy Minister Alexander Novak, leaving behind the way the global oil market will guess how this situation will actually develop.

According to Khalid al-Falih, Saudi Arabia’s energy minister, the cartel is close to reaching an agreement to extend the period beyond the current deadline in June.

Still, it remains unclear how exactly Russia, which has not expressed its final position on the issue, will also signal its decision on Riyadh’s proposal.

Last week, OPEC postponed its session in late June to early July, as Russia called for the meeting to take place after the G20 when the US-China trade war is likely to be resolved.

According to the comments of Alexander Novak, the Russian Ministry of Energy is discussing with local oil companies what decision to take on the agreement on cuts in yields. The Minister referred to the G20 summit as the main factor Russia would be taking during the meeting of the OPEC countries and their allies.

“Let’s see what issues will be discussed there, how the economy evolves, the market situation”, said Alexander Novak.

Although Russia has not yet indicated how it will continue with the plan to reduce oil production, OPEC producers located in the Gulf region are not in a hurry to increase their production in July.

Gulf oil producers – Saudi Arabia, Kuwait and the United Arab Emirates (UAE) will keep their July production within the limits set by the June deal, sources of OPEC reported last week.