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It’s too early to talk about an extension to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, crude oil output cut deal until the end of 2020, OPEC Secretary-General Mohammad Barkindo said on Thursday, as reported by Russian news agency TASS.

WTI reaction

The barrel of West Texas Intermediate (WTI) failed to stage a recovery on this comment and was last seen trading at its lowest level since early November at $54.95, down nearly 2% on a daily basis.

Earlier in the day, Saudi Arabia’s energy minister said that all options, including further output cuts, will be on the table when OPEC+ meets again in March.