Three OPEC+ sources told Reuters on Friday cuts were being discussed among options for Sunday's session, when OPEC+ ministers gather at 2 p.m. (1200 GMT) in Vienna.
The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May.
If approved, this would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand.
The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.
"There is simply too much supply," the JPMorgan analysts said in a note, noting extra cuts could amount to around 1 million bpd.
Persons:
Leonhard, Russia's Novak, Hayan Abdel, Ghani, Suhail Al Mazroui, Prince Abdulaziz, Alexander Novak, Novak, Edward Moya, OANDA, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes
Organizations:
Austrian, REUTERS, LONDON, OPEC, Organization of, Petroleum, Reuters, UAE's Energy, Brent, Saudi Arabia's Energy, International Energy Agency, JPMorgan, Thomson
Locations:
Vienna, Austria, Saudi, OPEC, Russia, Ukraine, China, India, Russian