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OPEC and non-OPEC oil producers have not yet reached consensus on the parameters of an extension on their oil output deal, Kazakhstan Energy Minister Nurlan Nogayev said on Thursday.

He added that the sides were currently only discussing extending their existing agreement into the second quarter as it was not yet clear how the market would react, as cited by TASS news agency.

Oil remains choppy ahead of Friday’s OPEC presser

Having faded a quick spike above $47 mark, WTI (US oil) trades choppy around 46.50 levels, as markets remain anxious ahead of the OPEC press conference scheduled on Friday.

The black gold jumped earlier on reports that the OPEC+ likely agreed on 1.5 million bpd output cut.