The alliance of oil countries OPEC and allies such as Russia and Kazakhstan are considering significant cuts in oil production. This reports Reuters news agency based on insiders.
OPEC+, as the countries are called together, OPEC+ may want to cut production by more than 1 million barrels per day to prop up the oil price.
Representatives of the 23 countries will physically meet again in Vienna on Wednesday for the first time since the flinch of the corona crisis for negotiations on oil production. Experts previously gave estimates of production cuts between 500,000 and 1 million barrels per day.
Oil prices have been falling for some time now, after a sharp rise earlier this year due to the Russian invasion of Ukraine. In addition, a global recession will likely depress demand for raw materials and fuel, which will also pressure oil prices.
Saudi Arabia, the unofficial leader of OPEC, already announced in August that production cuts are an option.