It’s practically a given at this point
Expect them to announce an extension for nine months in the joint press conference later on. This has very much been the story since the weekend after Saudi’s Al-Falih and Russia’s Novak struck a deal themselves prior to the meetings in Vienna yesterday and today.
As for oil market reaction, I still reckon we could see a bit of a pop on the official headline/announcement but it’s not going to spin into a massive rally of sorts. Should they stick with the current production quotas in the deal, I reckon the bigger picture still looks a bit cloudy for the oil market in having to deal with the oversupply issue.