Investing.com - The Organization of Petroleum Exporting Countries is considering deepening agreed cuts in output due to increasing U.S. production, Iranian Oil Minister Bijan Zanganeh said Wednesday.
OPEC and non-OPEC producers have agreed to cut oil output by 1.8 million barrels a day.
They agreed to extend that deal in May for another nine months until March of next year.
But the production curbs have done little to reduce global inventories as demand remains anemic and U.S. shale production increases.
"The U.S. oil production increase was unpredictable and this increase is more than what OPEC members had foreseen," Iranian state broadcaster IRIB quoted Zanganeh as saying.
"We are in consultation with OPEC members to prepare ourselves for a new decision,” he added.
Zanganeh acknowledged that reaching an accord to deepen the cuts would be difficult.
Oil has retreated to multi-month lows despite the output cuts.
The number of rigs operating in the U.S. has increased for 22 weeks in a row.