(Bloomberg) -- OPEC+ is pressing on with informal talks aimed at finalizing an agreement on oil-output cuts this weekend, delegates said.

Saudi Arabia and its partners are discussing whether to prolong roughly 2 million barrels a day of production curbs into the second half of the year, with the accord to be completed at Sunday’s online gathering, according to the delegates. They’re also considering the possibility of extending some restraints into 2025, they said, asking not to be identified because the talks are private.

The Organization of Petroleum Exporting Countries and its partners have reduced supply to stave off a surplus threatened by resurgent US shale supplies, seeking to shore up oil prices. These curbs have helped keep international benchmark Brent crude above $80 a barrel for most of the year despite concerns about the strength of the global economy and the trajectory of interest rates. 

OPEC+ production policy has become increasingly complicated over the last few years, with several layers of cuts involving different groups of countries. All but three members of the 22-nation coalition have agreed to quotas lasting until December, capping their combined crude output at 39.2 million barrels a day. The group will need to decide before the end of this year whether to maintain these limits in 2025.

In addition to these formal OPEC+ quotas, eight of the coalition’s members, including most of its largest producers, have agreed to make so-called “voluntary” cuts amounting to about 2 million barrels a day. The full impact of these curbs has been difficult to assess for several reasons — some nations including Iraq and Kazakhstan have been exceeding their output targets; Russia’s reductions have been a varying mix of production and exports. 

These additional curbs are currently set to expire at the end of this quarter. Oil traders and analysts widely expect them to be extended, possibly to the end of the year.

Discussions about output levels in 2025 could be further complicated by an external review of members’ production capacity, which is due to report at the end of June. Several nations — such as the United Arab Emirates and Kazakhstan — could have the ability to pump more next year as new projects are completed. 

Iran, Libya and Venezuela are currently exempt from making any cuts because their output has been constrained by external factors such as sanctions or war. 

--With assistance from Nayla Razzouk.

(Updates with background on cuts from fourth paragraph.)

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