“Sure there’s still an outside chance that things could go a little crazy, but you’re probably looking at somewhere in there,” he added.

Despite a possible extension, Webster believed that 2018 would still be a year in which markets were oversupplied with oil. “Next year, (the oversupply) it’s going to be another big challenge. Shale oil is ready to get booming… and so you’re going to end up with a big oversupply.”

For their part, OPEC members are confident about finding a consensus at the meeting. Speaking to CNBC on Tuesday ahead of the OPEC summit, the United Arab Emirates (UAE) Oil Minister Suhail al-Mazroui said that there were several options regarding an extension.

“We are waiting to meet with everyone so it’s not practical to give you (information) about what is going to be discussed but what we can tell you is that we’ll discuss several scenarios, among them an extension for the whole of 2018. But that is not the only option we will discuss, we will talk about other options,” he said.

“I am personally optimistic that this group that has worked very hard in 2017 to stabilize the market — we have seen very good results towards a market recovery. We still need to continue, but that decision is going to be discussed and no one can predict what is going to be the decision.”