Key protagonists from the joint Opec/non-Opec production agreement descended on Moscow for this week’s Russia Energy Week. Despite growing signs that the market is inching into balance, it looks increasingly likely that production curbs will be extended beyond its current March 2018 expiry.

The initial deal struck in November 2016 was for these restrictions to be in place for six months from January, but they are now likely to be extended into the second half of 2018 at least.

While...