It is premature to decide on extending the global deal to reduce oil production as the oil market has been rebalancing, Russian Energy Minister Alexander Novak said on Thursday, according to the ministry’s Twitter feed, according to Reuters.

He also said that if the market struggles to reach balance, “we would discuss the option of the deal extension” after it expires after March 31.

Novak also said that the current oil price of over $54 per barrel is “optimal” for both producers and consumers and allows to make investments in the oil industry.

OPEC has agreed with several non-OPEC producers led by Russia to cut oil output by a combined 1.8 million barrels per day (bpd) from January 2017 until the end of March 2018.

The deal to curb output propelled crude prices above $58 a barrel in January but they have since slipped back to a $45 to $50 range as the effort to drain global inventories has taken longer than expected.

Rising output from U.S. shale producers has offset the impact of the output curbs, as has climbing production from Libya and Nigeria.