OPEC delegates said that OPEC will not rush into making a further cut in oil output or end some countries’ exemptions to output limits, although a meeting in Russia in July is likely to consider further steps to support the market, according to Reuters.

OPEC, and allied non-OPEC producers, agreed on May 25 to extend an existing supply cut into 2018. However, oil has fallen sharply then on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output. “I doubt it will be considered soon,” said an OPEC delegate, referring to the chance of a larger cut. The delegate added, “They will look at this issue most probably in the upcoming meeting in Russia in July,” News York Times informed.

Another OPEC delegate stated, “A larger cut could be an option,” adding that further steps could be to place caps on further growth in Nigerian and Libyan output, rather than requiring them to cut back their supply.