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OPEC & Russia set to continue oil supply cuts through next year

Russian Minister of Energy Alexander Novak Photo: Ronald Zak / AP

The scene in Vienna:"OPEC and Russia look set to prolong oil supply cuts until the end of 2018 this week while signalling that they may review the deal when they meet again in June if the market overheats," Reuters reports.

Markets keep watch: Via Bloomberg and other outlets, oil prices fell somewhat Wednesday morning as traders watch the action at the OPEC meeting. More broadly, analysts predict that prices could fall significantly if the deal isn't extended all the way through the end of 2018 at this week's meeting.

Be smart: This CNBC interview with Amrita Sen, chief oil analyst at Energy Aspects, offers some good context on the dynamics at the OPEC meeting, where the future of the deal between the cartel, Russia and other producers is under discussion.