OPEC may deepen cuts in oil production

It seems that the oil production cuts should not end so soon. According to Iran's oil Minister, Bijan Zanganeh, OPEC members are seriously considering further production cuts of "black gold", yet the cartel must wait the more accurate results the first reductions to make a decision.

The day may 25, OPEC members and producers outside the cartel decided to extend the cuts until mid-2018, but for deception of the cartel, the increased production of the United States, Nigeria and Libya, countries which do not agree with the agreement, the price of oil had a drastic fall since then.

Due to such an action of a non-member country, the organization is seeking further discussions to set the direction of the global compact. Will a deeper cuts will be able to raise the prices of the commodity?

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