Ministers from some OPEC countries have discussed the possibility of deepening their output cuts, in addition to the potential extension of the agreement into 2018, said four delegates.

The OPEC delegates, who asked not to be identified because the talks were private, didn’t say that the discussions resulted in any kind of agreement to make deeper cuts. Earlier Monday, Saudi Arabia and Russia signaled they could be willing to extend production cuts into 2018, doubling down on an effort to eliminate a supply surplus just as its impact on prices wanes.

The Organization of Petroleum Exporting Countries and its allies are looking at ways to reaffirm their commitment to their historic accord to reduce production amid growing doubts about its effectiveness. Surging U.S. production has raised concern that the curbs are failing to reduce an oversupply. Oil has surrendered most of its gains since the cuts were agreed last year.

Source: Bloomberg