Oil producers are optimistic that their ongoing re-balancing efforts on the oversupplied market may be achieved, but they may need to take further steps to sustain the recovery into 2018, Mohammad Barkindo, Secretary-General Organisation of Petroleum Exporting Countries (OPEC) said.

Barkindo noted Sunday in New Delhi that Saudi Arabia and Russia are currently leading consultations between the OPEC and other major suppliers about the future of their agreement to cut oil output. The pact expires in March, and oil producers are debating whether to extend it later into the year.

“There is a growing consensus that, number one, the re-balancing process is underway,” he said after meeting with Dharmendra Pradhan, Indian oil ministe, adding, “Number two, to sustain this into next year, some extraordinary measures may have to be taken in order to restore this stability on a sustainable basis going forward.”

However, Barkindo didn’t elaborate on what those additional measures could be and if they would include the main proposal currently on the table – an extension of the existing cuts by up to nine months – or something else.

Venezuela has suggested making deeper cuts, but that’s considered unlikely given the political challenges of getting all members to agree unanimously.

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