OPEC members, which along with other participating 11 non-OPEC countries including Russia have reduced global oil supply by 1.76 million barrels per day beginning this year are not eyeing for deeper production cuts to shore up oil prices, which has fallen by more than 15 percent since the agreement in May, where OPEC members and participating non-OPEC countries extended the agreement for nine months until March 2018.

Last week, the Russian oil minister Alexander Novak ruled out any further cuts to production and this week, OPEC’s Secretary General Mohammed Barkindo told to media outlets at a news conference in Istanbul that talks of production cuts are not on the Agenda for the ministerial committee’s July meeting that was set up to monitor compliance of the participating countries.

The monitoring committee will meet on July 24th in Russia to discuss the progress of the deal. Last Friday, the Russian energy minister Alexander Novak noted that the committee can make any recommendation it wishes to the participants in the agreement. A recommendation, however, does not automatically mean a change in the deal.

However, it is being reported and rumored that OPEC is considering to put ceilings on the production of Nigeria and Libya, the two countries spared from the OPEC cuts.