Mubasher: Members and non-members in the Organization of the Petroleum Exporting Countries decided last week to extend their deal regarding trimming oil output for nine months.

Unnamed sources told Reuters on Thursday that members and non-members may be willing to revisit the proposal in the event that oil inventories remain high and continue to put pressure on prices.

They added that OPEC tackled the possibility of cutting its production by a further 1% to 1.5% during last week’s meeting.

Oil ministers including Saudi Arabia's Khalid Al-Falih have said that deeper cuts have also been debated, according to Reuters.

One of the sources told the news agency that the idea “was to widen OPEC's supply cut by about 300,000 barrels per day (bpd),” the news agency reported, indicating that this would result in a further cut by around 1% of April output of nearly 32 million bpd and raise OPEC's total pledged cut to 1.5 million bpd, from 1.2 million bpd.

"They wanted to do some scenarios and get around 300,000 bpd of extra cuts to be distributed among everyone," the source, whose name was not mentioned stated, adding that he believed that OPEC “decided to wait and see how the market will react first."