A very important country to talk to, of course, is Russia, the biggest non-OPEC exporter - Saudi's al-Falih

As per Bloomberg report, Saudi Oil Minister Khalid al-Falih will talk a possible output cut extension with Russian Energy Minister Alexander Novak within the next two weeks and may discuss some of the issues on the phone as early as this week.

“There seems to be a consensus in that direction, but we’re not 100 percent there,” said al-Falih and added further that, "We still need to talk to all countries. A very important country to talk to, of course, is Russia, the biggest non-OPEC exporter".

The final decision on whether to extend the output cut deal will be made at an OPEC meeting in Vienna on May 25.