Iran OilMin Zanganeh: OPEC mulls deeper cuts due to higher than expected US oil output - S&P Platts

According to a recent report by S&P Platts, Iranian Oil Minister Zanganeh said that the US oil production increase was unpredictable and this increase is more than what OPEC members had foreseen in an interview with state broadcaster IRIB news.

Key quotes (via S&P Platts):

• We are in consultation with OPEC members to prepare ourselves for a new decision. But making a decision in this organization is very difficult because any decision will mean an output cut by the members
• OPEC should wait a while and see how the market will form