Citi sees a 60 to 70% chance OPEC could deepen cuts - CNBC

In an interview with CNBC earlier on the day, Ed Morse, global head of commodities research at Citigroup, noted that he sees a 60 to 70% chance of the 1.8 million barrels per day of current cuts becoming larger as the OPEC and non-OPEC producers group extends their deal to March 2018.

Morse said that it is possible they could cut another 300,000 to 500,000 barrels per day, and Saudi Arabia would have to contribute the lion's share, when they strike a new deal later this month in Vienna.

Morse said: "I wouldn't be surprised if they're working on a deeper cut."