"In the past week, both the oil ministry and the oil minister have doubled down on Saudi`s determination to do whatever it takes to ensure its success," claimed the research note.
Yet the agreement will most likely be extended, according to analysts at RBC Capital Markets, in a note published on Tuesday.
As the price of oil languishes at a three-month low, traders are wondering whether petroleum producers will extend their six-month agreement between OPEC and non-OPEC producers to cut output when it comes up for renewal on May 25.
Looking to the key players involved, RBC advises keeping a close eye on both Saudi Arabia`s Deputy Crown Prince, Mohammed bin Salman, and the oil minister, Khalid al-Falih, who is also chairman of Aramco, the country`s national oil and gas company.
Following the release of data showing a faster-than-anticipated build-up in U.S. crude inventories, WTI was trading 1.08 percent lower by midday on Wednesday with Brent down by 1.12 percent.
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