Four sources familiar with OPEC+ discussions have told Reuters that additional production cuts were being discussed among options for Sunday's session.
Three out of four 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, the new cut would take the total volume of reductions to 4.66 million bpd, or around 4.5% of global demand.
Typically, production cuts take effect the month after they are agreed but ministers could also agree a later implementation.
Three OPEC+ sources also said the group will address the issue of baselines for 2023 and 2024, from which each member performs cuts.
Persons:
Prince Abdulaziz, Sunday's, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Hugh Lawson, Emelia
Organizations:
OPEC, Organization of, Petroleum, Reuters, Brent, Saudi Arabia's Energy, Thomson
Locations:
VIENNA, Nigeria, Angola, OPEC, Russia, West, UAE, Ukraine, China, India