OPEC countries are discussing deepening their production cut agreement, Iran oil minister 

Bijan  Zanganeh said Wednesday, even as some members say the recent extension of the 

deal needs more time to play out. 

"The US oil production increase was unpredictable and this increase is more than what OPE

C members had foreseen," Zanganeh was quoted as saying by state broadcaster IRIB news 

agency. "We are in consultation with OPEC members to prepare ourselves for a new decisio

n. But  making  a decision in this organization is very difficult because any decision will mean 

an output cut by the members." 

Zanganeh, speaking on the sidelines of a cabinet meeting, said he personally felt that OPEC 

should "wait a while and see how the market will form." 

Some members "believe that it's not [been] long since OPEC decided to cut production, and 

the impact of this decision has not practically kicked in in the market yet," he added. 

A meeting of the OPEC/non-OPEC  Joint   Ministerial Monitoring  Committee  is scheduled in 

Russia in late July, with the exact venue and date still to be determined.